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Nigeria Signs N92bn Pact on Burutu Industrial Park



oil and gasThe federal government through the Nigeria Investment Promotion Council (NIPC) yesterday in Abuja consummated the signing of joint venture partnership agreement between Petro-Equip Engineering Company Limited and Akawa Global Services Limited on industrial and maritime projects in Burutu, Delta State.
The $580 million (about N92 billion) JVA is for the development, rehabilitation and enhancement of key maritime facilities as well as other infrastructure for the industrial complex.
The Minister for Special Duties Mr. Tanimu Turaki who was also the special guest at the signing ceremony said, “it is an expression of more confidence in Nigeria which has reversed foreign exchange flight to foreign direct investment” assuring further that the government has provided enough legislation to protect foreign investments as well as a conducive environment for investments to strive.
The Executive Secretary of NIPC Mustapha Bello said: “This is to provide logistics, port and marine facilities, hydro lift duck and fabrication facilities, 200,000 metric tones oil and gas farm, a timber industry for the production of plywood and the construction of 32 kilometer access road in Burutu, Delta State.
The first phase of the project will be in the sum of $585 million. At completion, it is expected to create 1500 jobs directly and accelerate the movement of goods through and from that part of the country
The Paramount Ruler of Iduwunni kingdom of Delta State which houses the host community of Burutu, HRM Dio Bosie, who was also at the signing ceremony expressed joy at the development and promised to do all within his capacity to ensure a peaceful execution of the project within the stipulated timeline
Petro-Equip, the partner is a multinational Nigerian company representing the German, Japanese and Panama financial consultants.
In another development, General Electric says it will invest $1 billion (about N160) in Nigeria from now to 2020, adding that 2000 jobs will also be created when its $250 million (N40 billion) multimodal plant in Calabar is completed.
Speaking to a group of foreign and local businessmen in Abuja on Wednesday, the CEO of GE Lazarus Angbazo said the Calabar multimodal facility, which will be GE’s biggest investment in sub-Saharan Africa, will manufacture and assemble machinery for Nigeria’s power and the oil and gas sub-sectors.
Angbazo also said that the company is expected to employ and train over 2000 Nigerian graduates and technicians in the next few years.
“We are building a Nigerian and African base of technical expertise in oil and gas, power generation, healthcare and rail transportation not only for our operations, but for the country and the continent’s economic expansion and infrastructure development.
“In Nigeria, we‘ve committed $250 million to build a multimodal facility in Calabar, which will bring our industrial products across multiple sectors under one roof for servicing and assembly. This will create about 2000 jobs across the local supply chain, and it is just part of the $1 billion we are investing in Nigeria over the next seven years”, the GE CEO said.
He also disclosed that the company has attracted three Italian investor-companies to Nigeria to explore partnership opportunities with indigenous Nigerian engineering companies. The three companies are Allimep, Duemme and Sime.
He said their investment in Nigeria will boost the capacity of indigenous engineering companies.
Also speaking at the meeting, GE’s Supply Chain leader for Africa, Phil Griffith, said with this visit, the string of supplier fairs are beginning to pay off.

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