Oye Applauds Tinubu, Indorama, NNPC on $7bn Deal to Promote Gas Utilisation

Oluchi Chibuzor

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, has commended President Bola Ahmed Tinubu, Indorama Eleme Petrochemicals Limited and the Nigerian National Petroleum Corporation (NNPC) on the successful signing of a landmark Memorandum of Understanding (MOU) worth 7 billion US dollars 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 by led by President Ahmed Bola Tinubu GCFR 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 fertilizer and petrochemical plants in Nigeria. This agreement will provide a significant boost to the country’s economy and create numerous job opportunities for Nigerians.”

He noted, “Furthermore, we applaud Indorama for pledging to invest an additional 7 billion US dollars 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.”