Nigeria to invest $100m on oil & gas industrial park

Oil & gas terminal07 August 2014, Lagos – PLANS are in pipeline by the Federal Government to float a $10 million (N1.6 billion), oil and gas industrial park, to bouy local participation in the petroleum sector.

The Minister of Petroleum Resources, Diezani Alison-Madueke, who recently gave details of the project in Abuja, said about $100 million investment would be sunk into the industrial park project, which infrastructure construction would commence later this year.

The minister however, identified the oil and gas industrial park as another major development, which would create opportunities for Nigerians, including the Niger Delta indegenes.

She said the facility will provide a platform for the manufacturing of components of the oil and gas industry equipment and create over 50,000 jobs.

Also commenting on the project, the Executive Secretary, Nigerian Content Development Monitoring Board, (NCDMB), Ernest Nwapa, who expanciated on the project at a local content programme in Ogun State, recently, said localisation of equipments used in the oil, gas industry holds to key to employment opportunities and reduce the capital flight in the country.

According to him, the industrial park will be established in the nine oil producing states, including Edo, Delta, Bayelsa, Akwa Ibom, Rivers, Ondo.

Nwapa, who was represented by the Head, Marginal field department, Rotimi Olagbaye, said: “We have concluded plans to establish a more favourable environment to our industries through the establishment of industrial parks.

The objectives of establishing the park, according to him, includes; to attract Foreign Direct Investment (FDI) to oil producing states; to integrate them in oil producing activities; facilitate new business status, technology acquisition and competitiveness.
*Sulaimon Salau – Guardian

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