The Federal Government and some private sector investors sealed the Final Investment Decision on the Brass Fertiliser and Petrochemical Company Limited, expected to turn Nigeria into one of the world’s largest producers of the product.
Nigeria’s failure to develop its petrochemical industry, especially methanol, has been regarded as the reason manufacturing companies are importing about 80 per cent of their raw materials worth over $10b. According to him, the project would halt importation of methanol into the country, creates 30, 000 direct and indirect jobs during construction and about 6,000 permanent jobs, when operational.Last year, the Federal Government had put the nation’s total gas reserves at 203.16tr cubic feet , representing a marginal increase of 1.16tcf or 0.57 per cent from the 202tcf recorded in 2019.
He sees the current FID as another milestone in Nigeria’s efforts to maximise and monetise gas, which is usually flared or re-injected for crude oil production.