How Kyari’s Intervention Attracted $8 Billion In Investment For Nigeria
By Adewole Kehinde
“The value of an idea lies in the using of it.” – Thomas Edison
On September 5, 2023, President Bola Tinubu arrived in New Delhi, the capital of India, for a six-day official visit, during which he will attend the G-20 Leaders’ Summit among other engagements.
The President met with Indian business representatives as part of the Nigeria-India Presidential Roundtable and Conference to mobilize international funding for infrastructure development.
The Nigeria-India Presidential Roundtable and Conference was held in New Delhi, India.
During the event, the President assured the businessmen of the best returns on investment possible, adding that there is nowhere else like Nigeria.
He also assured them that Nigeria would offer them the best returns for their investments at any time.
The most interesting aspect to me is that of Indorama Petrochemical Limited, which pledged a new investment of $8 billion in the expansion of its fertilizer production and petrochemical facility in Eleme, Rivers State.
I recalled President Tinubu praising the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mal Mele Kyari, for his intervention in the NNPC and Indorama crises.
“There was a problem for years between NNPC and Indorama; I stepped in when it came to my attention. I gave them 21 days to sought the issues. Before 21 days, Mele Kyari came to my office to say we had solved the problems. Thank you, Mele Kyari… President Tinubu
If Mele Kyari had not handled the crisis between NNPC Limited and Indorama Petrochemicals Limited very well, the new $8 billion pledged towards the expansion of Indorama Petrochemicals Limited’s fertilizer production and petrochemical facility in Eleme, Rivers State, wouldn’t have come to reality.
NNPC Limited played a significant role in facilitating and overseeing Indorama’s business in the country. NNPC has been involved in various joint ventures and partnerships with Indorama, particularly in the petrochemical and fertilizer sectors.
The NNPC’s role primarily involves providing support and creating an enabling environment for Indorama’s operations. This includes granting necessary licences and permits, ensuring compliance with relevant regulations, and assisting with land acquisition and infrastructure development.
NNPC also collaborates with Indorama on the supply of feedstock, such as natural gas, which is essential for the production processes. The partnership between NNPC and Indorama helps to ensure a reliable and consistent supply of raw materials, enabling Indorama’s businesses to operate efficiently.
Furthermore, the NNPC works closely with Indorama to promote local content development in Nigeria. This involves encouraging the participation of Nigerian businesses and the workforce in the Indorama projects, thereby maximizing the socio-economic benefits for the country.
Overall, NNPC Limited serves as a strategic partner to Indorama, supporting their investments and operations in Nigeria and facilitating the growth of the petrochemical and fertilizer sectors.
The $8 billion Indorama deal with Nigeria is certainly an important development for both parties involved. Indorama Group, a global leader in petrochemicals, has made substantial investments in Nigeria’s fertilizer and petrochemical sectors in recent years. This particular deal refers to Indorama’s plans to build a new industrial complex in Nigeria, which will include a methanol plant, a fertilizer factory, and a gas processing facility.
This investment is significant for Nigeria, as it aims to diversify its economy by developing its petrochemical industry and reducing its reliance on oil revenue. The deal is expected to create thousands of jobs, both directly and indirectly, thereby contributing to economic growth and social development in the country.
Indorama’s investment also demonstrates their confidence in Nigeria’s business climate and long-term prospects. Their commitment to sustainable practices and technology transfer will likely be beneficial for Nigeria in terms of knowledge sharing and skill development.
Overall, the $8 billion Indorama deal highlights the potential for mutually beneficial partnerships between multinational corporations and nations like Nigeria, fostering economic development and helping to address various challenges.
Adewole Kehinde is the publisher of Swift Reporters and can be reached via 08166240846, email@example.com