· Nigeria to execute MOUs with
Multinationals for Construction of
$20billion Petrochemical/Fertilizer
Plants in Lagos and other parts of the
Country
· Petroleum Minister says Govt
to earn over $680billion annually from
PIB
· Nigeria now earns over
$282million per day from Crude due to
Success of Amnesty Programme.
Determined to re-enforce Nigeria’s
position as a leading oil and gas nation
in the world and enhance the country’s
status as the hub of Petro-Chemical
business in the continent, President
Goodluck Ebele Jonathan on Tuesday
outlined a chain of well articulated
projects to ensure that Nigeria and
Nigerians reap bountifully from the
proceeds of the vast deposits of
hydrocarbon resources in the country via
massive job creation.
Speaking at the Lagos leg of the ongoing
nationwide Peoples Democratic Party
Presidential rally, the Minister of
Petroleum Resources, Mrs Diezani Alison-Madueke
who reeled out the projects on behalf of
the Federal Government, revealed that in
continuation of its industrialisation
agenda, the administration is determined
to strengthen Lagos bourgeoning
reputation as a mega city through the
upgrade and rebirth of critical gas
based industrialisation.
Mrs. Alison-Madueke stated that in the
weeks ahead, the Federal Government
through the Ministry of Petroleum
Resources will execute some binding MoUs
with a consortium of International Oil
and Gas firms for the construction of a
Petrochemical plant and some fertilizer
processing plants in Lagos and some
other parts of the country valued at
over $20 billion.
``Petrochemical plants mean fertilizer
plants that will increase our
agriculture and food production and
methanol plants that will boost
industrial production with a combined
initial investment of about $20billion
this will result in the creation of over
300,000 jobs across the nation,’’ Mrs.
Alison-Madueke stated.
The Minister also stated that the
establishment of two new Liquefied
Natural Gas, LNG plants, in Olokola in
Ogun/Ondo States and Brass LNG in
Bayelsa state, will create over 7,000
jobs and inject over $1billion into the
host communities.
Commenting on the proposed oil industry
reform legislation, the Minister
informed that upon the envisaged passage
by the legislature, the Petroleum
Industry Bill will ensure that
Government’s revenue is increased to the
tune of over $680 billion annually while
ensuring providing unprecedented
opportunities for level playing field
for operators in the industry.
``The PIB when it becomes law will move
Nigerian business men and women such as
your good selves into the commanding
heights of the oil and gas industry,’’
The minister stated.
Mrs Alison-Madueke informed that as a
result of the success of the Federal
Government Amnesty Programme for
repentant Niger Delta militant youths,
Nigeria now earns average revenue of
over $282 million dollars per day from
crude oil based on the combined daily
production figure of crude and
condensate which stands at 2.4million
barrels.
``Many of you will recall that eight
months ago the nation’s crude oil
production was as low as one million
barrels per day. However, as I speak to
you today, thanks to the vigorous
implementation of the Amnesty Programme
of this administration, the story is
different.
It means increased average revenue for
Government with which this
administration is now using to provide
the much desired dividends of democracy
to the citizenry. Whether you look into
education, roads or health care, there
is improvement in the provision of these
services to the citizens of this
nation,’’ the minister stated.
Paying tribute to the President for the
prompt signing into law of the Nigerian
Content Bill, Mrs. Alison- Madueke
informed that by so doing Dr. Jonathan
has succeeding in domiciling a huge
chunk of the over $20 billion oil
industry annual spend which was hitherto
ferreted abroad to improve the economy
of other nations.
``By giving our country a Nigerian
Content Act, the President has reversed
the trend. This means; a retention of
$10billion out of 20 billion average
annual industry expenditure, creation of
over 30,000 direct employment and
training opportunities, establishment of
three to four new pipe mills to service
industry demands as well as the
development some dockyards and
utilization of existing shipyards among
others,’’ the Minister stated.
On the downstream sector, the minister
announced that plans are on to speed up
the process leading to the construction
of three proposed Greenfield refineries
in Lagos, Kogi and Bayelsa states to
totally eliminate product importation
while assuring that the Ministry through
the NNPC has intervened to ease off the
recent artificially induced gap in the
supply and distribution of kerosene in
some parts of the country through
massive injection of extra volumes of
kerosene into the market to force down
the price.
![President Jonathan Unveils Oil and Gas Industrial Plan for the Country [01/03/2010]](goodluck_jonathan8.jpg)