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|Gas Project To Bring In $10b Foreign Investment by Beaf: 2:18am On Mar 25, 2011|
[size=14pt]Gas project to bring in $10b foreign investment [/size]
By Elizabeth Archibong
March 25, 2011 12:17AM
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.
“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.
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.
|Re: Gas Project To Bring In $10b Foreign Investment by Beaf: 2:19am On Mar 25, 2011|
First, power master-plan, now gas master-plan! Nigeria can go places!!
This is what we should have been doing for donkey years, but our leaders have always lacked vision. Thank God for GEJ.
|Re: Gas Project To Bring In $10b Foreign Investment by timbuktwo: 2:31am On Mar 25, 2011|
you posted this before. and if i remember correctly both you and this so called "project" were rubbished thoroughly .
|Re: Gas Project To Bring In $10b Foreign Investment by Beaf: 2:33am On Mar 25, 2011|
Of course, I posted an article that clearly bears todays date in the past. Dude, you don't sound too clever, you must be tired, go and sleep.
|Re: Gas Project To Bring In $10b Foreign Investment by timbuktwo: 2:39am On Mar 25, 2011|
you are 100% right; I apologise
|Re: Gas Project To Bring In $10b Foreign Investment by Beaf: 2:41am On Mar 25, 2011|
No offense, bruv.
|Re: Gas Project To Bring In $10b Foreign Investment by Rhino5dm: 2:48am On Mar 25, 2011|
WTF! Never knew banquet hall, presidential villa was a gas project.
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