OGFZA tells Huayi to explore Nigeria’s fertilizer and Petrochemical Sector

China’s largest conglomerate, the Huayi Group, is embarking on a venture to explore profitable investment prospects in Nigeria, forging partnerships with Brass Fertilizer and Petrochemical Company Limited (BFPCL) and other stakeholders.

The delegation convened at the Nigerian National Petroleum Corporation Towers in Abuja on Wednesday, March 6, Led by Vice President Wang Xihuan of Shanghai Huayi and Deputy Managing Director Ehan Guo of China Road and Bridge Corporation (CRBC).

These deliberations were conducted under the guidance of the Honorable Minister of State Petroleum Resources (Gas), Obongemem Ekperikpe Ekpo.

Accompanying the esteemed members of the Huayi Group were key figures from the Nigerian petrochemical landscape, including representatives from the Brass Fertilizer and Petrochemical Company Limited (BFPCL) and the Oil and Gas Free Zone Authorities (OGFZA).

The gathering included Bamanga Usman Jada, CEO of the Oil and Gas Free Zone Authorities (OGFZA), and Ben Okoye, Managing Director of the Brass Fertilizer and Petrochemical Company Limited (BFPCL).

Zhou Hau, the Managing Director of China Road and Bridge Corporation (CRBC), Zheng Bi Jun, Chairman of the Board at Shanghai Energy Chemical, Ha Nan, Vice President of Energy Chemical, along with Wu Wai, Manager at Shanghai Huayi, were also present, among others.

While addressing the distinguished guests, Minister Ekperikpe reiterated Nigeria’s commitment to fostering a conducive environment for investors.

He stated, “Nigeria is open for business, and we stand ready to provide the necessary support and assistance to facilitate your investment endeavours.”

Furthermore, he highlighted President Bola Tinubu’s directive to combat corruption, ensuring a transparent and hospitable investment environment.

“Any request for a bribe will be met with severe consequences under the law,” he affirmed, underscoring the government’s dedication to upholding integrity and accountability.

Central to the discussions was the Brass Petrochemical Project, a cornerstone of Nigeria’s economic diversification strategy.

Minister Ekperikpe affirmed its significance, stating, “The Brass Project holds immense potential for driving the diversification of our economy. It is one of the seven critical projects of this current administration.”

However, the Huayi Group expressed keen interest in the feasibility study for investments in the Brass Petrochemical Project, particularly in methanol production.

Managing Director Zhou Hau provided insights into the company’s annual returns surpassing $10 billion. He outlined their strategic emphasis on methanol, azelaic acid, and tyre production.

He projected a production capacity requirement of 3.5 million tons per year for methanol by 2027, sourced from Nigeria.

In a bid to reassure the delegation, Minister Ekperikpe emphasized Nigeria’s unwavering commitment to ensuring the safety and success of investors. “I assure you of our full support and cooperation,” he affirmed.

Following discussions with OGFZA’s CEO, Bamanga Usman, the delegation gained insights into the operational framework of Nigeria’s free trade zones.

He elaborated on OGFZA’s role in ensuring a conducive environment for investors within the free trade zones.

He assured the investors of seamless facilitation, stating, “Every region declared as a free trade zone operates efficiently, with established Key Performance Indicators (KPIs).”

The delegation in the same vein, sought clarity on infrastructure provisions within the free trade zones, to which Usman Jada assured government support while noting the autonomy of investors to supplement infrastructure needs.

As the meeting drew to a close, the delegation expressed satisfaction with the comprehensive insights provided.

However, they will proceed with visits to key sites, including Onne, in Rivers State, to further assess investment opportunities within Nigeria’s thriving oil and gas sector.

The engagement underscores Nigeria’s commitment to fostering strategic partnerships and attracting foreign investment to propel economic growth and industrial development. With the Huayi Group’s interest piqued, Nigeria’s oil and gas sector stands poised for transformative investments in the years ahead.