President
Goodluck Jonathan has said that the launch of the gas project will
result in a foreign direct investment of about $10 billion over the
next three years.
He
also said when fully implemented, the entire gas master-plan agenda
will result in $25 billion worth of investments in gas processing,
transmission, and downstream gas utilisation projects, positioning the
country as the regional hub for gas-based industries on fertilizer,
petrochemical, and methanol manufacturing.
Speaking
at the launch of the project with the theme ‘Gas Revolution – the
Rebirth of Nigeria’s Industrialization’ at the banquet hall of the
presidential villa yesterday, Mr. Jonathan said the initiative will
result in 500,000 other direct and indirect jobs that involve
logistics, construction, tourism, and agriculture by 2014.
Beyond
the quantum of foreign direct investment, the president said the
economic impact of this agenda will be enormous in terms of employment
and wealth creation, estimating over 100,000 engineering design and
construction-related jobs will be created from about 2012 and beyond to
deliver all these plants.
Multiplier effect
“The
focus is to catalyze a major industrialisation of the country by
seeding in a few anchor investments that have the highest potential to
have far reaching secondary multiplier effect on the economy.
“The
investment being launched today will result in foreign direct
investment of about 410 billion over the next 3 years. The full
implementation of the entire gas master-plan agenda will result in
about $25 billion worth of investments in gas processing, transmission,
and downstream gas utilization projects,” Mr. Jonathan said.
He
also said the full application of the National Content Law means that
another significant portion of jobs will be created for the Nigerian
teeming population.
“Full
application of the National Content Law means that as we stimulate
these opportunities, a significant portion of the jobs created will be
for Nigerians. When we are done, we hope to have created a Nigeria that
we all would be proud of, a nation in which our youth can clearly see
the roadmap to engagement and self-worth as they get gainfully
employed. This is not just a plan, this is now in action,” he said.
More food
The
president disclosed that more food will be produced affordably and a
huge portion for export with the establishment of fertilizer industries
According to him, the revolution is coming with the replacement of the
use of kerosene and fire woods with LPG (Liquified Petroleum Gas) for
household cooking’s and work towards the elimination of gas flaring
that has been wasted in several years past.
“We
can only be successful if our actions impact on the common man in
Nigeria. The agricultural revolution arising from the fertilizer and
blending plants will create affordable food for Nigerians and a lot
more for export.
“The
LPG agenda will touch the lives of many households, as cheaper and
cleaner LPG displaces kerosene. The disposable income that arises from
the savings will result in the purchase of more goods and services,
boosting GDP,” Mr. Jonathan said.
The
minister of petroleum, Diezani Madueke, said the gas-based industries
refers to only those who utilise gas not fuel, as feedstock. These
include fertilizer, petrochemicals, and methanol.
