The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barrister Dele Kelvin Oye has commended President Bola Ahmed Tinubu, Indorama Eleme Petrochemicals Limited and the NNPC Limited on the successful signing of a landmark Memorandum of Understanding (MoU) worth US$ 7 billion to promote gas utilisation in Nigeria.
In a statement, Oye said the new deal will provide a significant boost to the country’s economy and create numerous job opportunities for Nigerians.
According to Oye, “the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) commends Indorama Eleme Petrochemicals Limited and the Nigerian National Petroleum Corporation (NNPC) on the successful signing of the Memorandum of Understanding (MoU) worth $7 billion to promote gas utilisation in Nigeria. This momentous MoU is a result of the recent business roundtable held on the sidelines of G20 was led by President Ahmed Bola Tinubu with NACCIMA in attendance in India.
“Nigeria is known to have huge gas reserves, and it is heartwarming to see that Indorama and NNPC are actively taking steps to utilise this vast natural resource. The Indorama petrochemical factory consumes about 100 million standard cubic feet per day of gas, which the company uses to power their fertiliser and petrochemical plants in Nigeria. This agreement will provide a significant boost to the country’s economy and create numerous job opportunities for Nigerians”.
The NACCIMA boss further noted, “Furthermore, we applaud Indorama for pledging to invest an additional US$7 billion in Nigeria. This investment will help drive the country’s industrialisation, which will lead to a more robust economy in the long run. This shows that Indorama is committed to contributing to the growth of Nigeria’s economy, and we applaud them for it.
“Nigeria has long been identified as a gas country with enormous reserves. The signing of this MoU reaffirms this position and provides hope that Nigeria will be able to utilise its gas resources to its fullest potential. We hope that more private companies will take a cue from Indorama and invest in the country’s gas sector”.
He added: “NACCIMA commends Indorama, NNPC and Mr. President for their commitment to promoting gas utilisation in Nigeria. We also applaud them for their efforts to actualise the benefits of the business roundtable. We urge other private companies to emulate Indorama and invest in the country’s economy, thereby creating more job opportunities for Nigerians and contributing to the country’s overall development”.
