The Federal Government of Nigeria is in talks with Jindal Group, an Indian company, to set up a steel and power plant in Akwa Ibom State.
This development was disclosed by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, after his visit to India, where he engaged with senior officials of Jindal Group.
Ekpo revealed that his visit to India was accompanied by the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited,Mele Kyari.
The proposed partnership seeks to create a High Briquetted Iron steel plant with a capacity of 10 million tons per annum, along with a 650MW power plant, located in the Ibom Solutions Gas Hub in Akwa Ibom State.
“I have just arrived in New Delhi, India, accompanied by Mr. Mele Kyari, GCEO of NNPC Ltd., and we were warmly received by Mr. Ahmad Tijani Lawal, Acting High Commissioner for Nigeria to India, and Mr. Mukesh Sharma, Country Head of Jindal Nigeria Ltd.
“Our visit is focused on engaging in strategic discussions with the Jindal Group to advance plans for the establishment of a 10 million tons per annum High Briquetted Iron (HBI) Steel Plant and a 650MW Power Plant in the Ibom Solutions Gas Hub, Akwa Ibom State.
“This project will require about 450MMscfd of gas for startup and aligns with the Federal Government’s commitment to gas-based industrialization and driving economic growth in Nigeria,” Ekpo said.
Nigeria is striving to reduce its dependence on oil by promoting investments in its largely untapped gas reserves, which are estimated at 200 trillion cubic feet. This shift aims to diversify the economy and enhance energy security while leveraging the country’s natural gas potential.
A substantial portion of Nigeria’s gas production is currently flared or re-injected into wells, representing a lost opportunity for utilization and economic growth.
Addressing this issue is crucial for maximizing the country’s gas resources and reducing environmental impact.
