NNPC Ltd Unveils $3.5bn Gas Investment in Akwa Ibom

Nigeria’s ambitious gas industrialization drive has recorded a major milestone, as the Nigerian National Petroleum Company Limited, NNPCL, has announced a $3.5 billion investment to develop key gas infrastructure projects in Akwa Ibom State.

The South-South Gas Utilisation Forum in Nigeria has announced a $3.5 billion investment by NNPC Ltd to fund projects such as an inter-county gas pipeline, offshore-to-land gas delivery systems, a methanol plant, a fertilizer plant, and a floating LNG facility.
The investment is expected to boost domestic gas utilization, stimulate industrial development, and create jobs across the region. The commitment of NNPC to this investment is seen as a concrete step in actualizing President Bola Tinubu’s gas to prosperity agenda.
The Minister of State for Petroleum Resources (Gas) praised the initiative as a roadmap to gas-based prosperity and called for deeper community engagement. He stressed the importance of the Host Communities Development Trust provision under the Petroleum Industry Act, which mandates oil and gas firms to invest in education, healthcare, and infrastructure in host communities.

The MoU, signed by the Akwa Ibom State Government and GACN, outlines the development of a comprehensive Akwa Ibom State Gas Master Plan, AKS-GMP, covering data mapping, infrastructure planning, and demand forecasting. It also promotes access to gas supply, virtual pipeline solutions such as CNG and LPG, and support for small- and large-scale gas-based industries.

Akwa Ibom State Governor, Pastor Umo Eno, has praised the development as a strategic step towards energy-led prosperity, reaffirming his administration’s commitment to Nigeria’s Decade of Gas and energy transition agenda. He emphasized the state’s commitment to creating an investment-friendly environment, ensuring environmental adherence, and providing tangible benefits to host communities.

The summit, titled “Utilising Gas as a Catalyst for Sustainable Growth,” aimed to mobilize regional stakeholders towards a unified development strategy based on gas. The partnership with Akwa Ibom is a model that can be replicated across Nigeria, with the signing of a MoU and a $3.5 billion investment.
With the MoU, Akwa Ibom is poised to become a central player in Nigeria’s energy diversification and industrialization roadmap.

Source: Championnews.com

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