The Nigerian National Petroleum Corporation Limited and Indorama Petrochemicals have signed a gas deal to contribute $18 billion in annual revenue to the federal government.
Garba Deen Muhammad, Chief Corporate Communications Officer NNPC Limited, disclosed this on Saturday in a statement posted on the company’s official X handle.
According to the statement, NNPC Limited’s Group Chief Executive Officer, Mele Kyari, noted that the agreement would contribute $3 billion to Nigeria’s Gross Domestic Product.
Kyari added that the contract would explore and develop suitable opportunities within the remits of both parties’ interests across the hydrocarbon value chain in Nigeria.
“We are seeing an annual contribution of $3bn to the nation’s GDP and a lifetime contribution of $18bn to government revenue.”
In his remarks, the MD/CEO of Africa Indorama Energy, Manish Mundra, stated, “This is a strategic collaboration to unlock Nigeria’s upstream sector, but more importantly, to partner downstream to share the value chain.”
“Nigeria’s gas reserves should position the country as one of the largest urea producers in the western hemisphere.”
The development comes from President Bola Ahmed Tinubu’s recent trip to India for the G-20 summit.
