• Wednesday, May 29, 2024
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BusinessDay

Makinde’s $100m gas project to promote ease of doing business in Oyo State

Makinde inaugurates 33 newly elected chairmen, urges them to uphold rule of law

Governor Seyi Makinde’s leadership in Oyo State has taken a monumental leap forward with the signing of the Final Investment Agreement for the Oyo State Government (OYSG)-Shell Nigeria Gas (SNG) Infrastructure Development and Distribution project.

The initiative, worth over $100 million, is poised to revolutionize the economic landscape of Oyo State and drive progress across the region. At the heart of this groundbreaking endeavor lies a commitment to promoting ease of doing business in Oyo State.

The project, which involves the construction of a Pressure Reduction and Metering Station (PRMS) and laying of pipelines by SNG on a Build-Own-Operate-Transfer (BOOT) basis, is set to bring the first flow of gas to industrial, manufacturing, and commercial entities, as well as the state-owned Independent Power Project, within eighteen months.

The significance of this project extends far beyond mere infrastructure development; it represents a strategic partnership aimed at fostering sustainable economic growth and prosperity. By creating a conducive business environment for both local and foreign investors, Governor Makinde’s administration is paving the way for increased commerce, trade, and investment opportunities in Oyo State.

“With a guaranteed growth in Commerce and Trade in the State, we foresee abundant business and employment opportunities for the people affirming the government’s poverty rescue mission,” the Director General of PDP Governor’s Forum, Emmanuel Agbo noted.

In a press statement, Agbo explained that the project will create a conducive business environment for both local and foreign-based investors towards the growth of the State’s economy.

The economic benefits of the Oyo State-Shell Nigeria Gas project are manifold. With a guaranteed growth in commerce and trade, the project is expected to stimulate economic activity, boost revenue generation, and create abundant employment opportunities for the people of Oyo State.

The project’s 20-year timed transfer of ownership to the OYSG ensures long-term sustainability and resource management, laying the foundation for continued prosperity well into the future. The impact of the project extends beyond Oyo State’s borders, benefiting the entire region and nation at large.

According to Shell Nigeria’s Media Relations Manager, Abimbola Essien-Nelson, the construction of a Pressure Reduction and Metering Station (PRMS) in Ibadan will deliver an upside of 60 million standard cubic feet of gas per day to industrial, manufacturing, and commercial entities across the state.

This influx of natural gas is expected to drive industrialization, boost internally generated revenue, and create more job opportunities, thereby accelerating the state’s development trajectory.

Governor Makinde, in his remarks on the project, emphasized its significance in advancing Oyo State’s economic agenda. With the signing of the final investment agreement in London, Governor Makinde reiterated his commitment to driving progress and prosperity in the state, highlighting the project’s potential to transform the energy landscape and catalyze economic growth.

The managing Director of the Shell Petroleum Development Company of Nigeria Ltd and Chairman, Shell Companies in Nigeria, Osagie Okunbor, stressed on the value of partnership in powering progress in Nigeria.

He assured Shell’s commitment to delivering competitive and reliable energy solutions for power generation and industrial use, thereby driving economic development and enhancing the quality of life for Nigerians.

In conclusion, Makinde’s $100 Gas Project represents more than just an infrastructure development; it embodies a bold vision for economic transformation and sustainable growth in Oyo State. With unwavering support from stakeholders and strategic partnerships with industry leaders like Shell Nigeria, Governor Makinde’s vision for a prosperous and thriving Oyo State is well on its way to becoming a reality.