The Nigerian National Petroleum Corporation Limited (NNPC Limited) and Indorama Petrochemicals have signed an agreement that is expected to generate an annual revenue of $18 billion for the Federal Government. Garba Deen Muhammad, the Chief Corporate Communications Officer of NNPC Limited, made this announcement in a statement posted on the official X handle of the company on Saturday.
As per the statement, Mele Kyari, the Group Chief Executive Officer of NNPC Limited, highlighted that this agreement would contribute $3 billion to Nigeria’s Gross Domestic Product (GDP). Kyari also explained that the contract would involve the exploration and development of suitable opportunities within the interests of both parties across the entire hydrocarbon value chain in Nigeria.
Kyari stated, ‘We anticipate an annual contribution of $3 billion to the nation’s GDP and a cumulative contribution of $18 billion to government revenue over the contract’s lifetime.’
Manish Mundra, the Managing Director and CEO of Africa Indorama Energy, expressed, ‘This represents a strategic collaboration to unlock Nigeria’s upstream sector and, importantly, to partner in downstream activities to maximize the value chain. Nigeria’s gas reserves are poised to position the country as one of the largest urea producers in the Western Hemisphere.’
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