In a move to diversify the economic base of the country, the Federal Government has approved investment worth $7 billion in the petrochemical industry for Akwa Ibom State.
Ibe Kachikwu, Minister of State for Petroleum Resources, who announced this during a town hall meeting, held at Le Meridien Ibom Hotel and Golf Resort in Uyo, Akwa Ibom State said the investment would facilitate the construction of a 500MW power plant being initiated by Mobil Producing Nigeria in addition to other projects.
Kachikwu who was responding to questions during the town hall meeting described the investment as the biggest in the region, adding that it has been approved by President Mohammadu Buhari.
The minister who said the investment would also support other petrochemical projects in the state maintained that the state would have a massive physical presence in the oil industry.
On the issue of oil blocks not being held by indigenes of the region, he said since the present administration came into office, no new oil blocks has been issued, adding that due process would be followed “when time comes” He added that President Buhari has promised to be fair to all in the allocation of oil blocks.
The minister announced that “dramatic progress” has been made in the course of dialogue with militants in the region, noting that it is important to achieve peace and security for the country to achieve the expected growth in all sectors.
According to him, without the funds being available from the oil sector, most of the projects envisaged in the budget would not be achieved.
He solicited for peace and cooperation among indigenes and stakeholders in the region that would create an enabling environment for investments in the region.
The minister who noted that dialogue is the best option resolving the crisis in the Niger Delta said however, that it did not mean that the military strength of the country is in doubt but dialogue remains the way out.
On the proposed maritime university in Okerenkoko, the minister announced the project would not be abandoned since the Federal Government has already made investment in the project.
Earlier, Rotimi Amaechi, minister for transport said the coastal railway project would like all the states in the region up to Aba and some major cities in the south east geo political zone of the country, stating that it is intended to facilitate the movement of goods and services and aid commercial activities in the area.
Also speaking, Udoma Udo Udoma said there is fairness in this year’s budget to all the six zones of the country noting however, the Federal Government had challenges in generating enough resources.
He blamed wrong information for the misconception about some of the programmes and policies of the Federal Government re-echoing the determination of the President to be fair to all.
ANIEFIOK UDONQUAK
