Nigeria: Govt partners indigenous firm on N121bn power, fertilizer plant

Benin bronze sculpture

Benin bronze sculpture

16 March 2015, Benin — THE Federal Government, in collaboration with Obax World Limited, a private firm owned by Nigerian investors, has concluded plans to site a fertilizer plant and a 350 megawatts power generating plant, estimated at N121 billion at Ologbo, in Ikpoba Okhai Local Government Area of Edo State.

Chairman and Chief Executive Officer of Obax World Limited, Mr Patrick Obasuyi, made the disclosure shortly after a meeting with members of the host community at Ologbo a border town between Edo and Delta states.

He said that the N121 billion investment was part of the local content policy of the Federal Government, adding that he decided to invest in the country with his partners in the United States of America and China so as to exploit the conducive environment that has been put in place by the Federal Government.

“So, we are building our first fertiliser plant in Nigeria and the second thing that we are building is a power generation plant. The plant that we are planning to build is going to cost us $250 million while the power plant will cost about $300 million. It is a new day in Ologbo. We are going to build this new plant, we are not looking for any money because we have the money to build the plants. The only thing that we are asking from the community is to cooperate with us, work with us so we can employ over 600 people in this community.”

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