Jonathan Promises To Make Nigeria Petrochemical Hub Of Africa

President Goodluck
Jonathan has promised to make Nigeria the Petrochemical hub of African continent.
Jonathan made the promise in Akwa Ibom State while performing the ground breaking ceremony of $1.5 billion Methanol Industry and Commissioning of Uquo has processing plant.
The President called for establishment of more petrochemical industries in the country in order to create wealth and boost the nation’s foreign exchange earnings.
He assured that federal government would provide the enabling environment to boost private investment in the sector stressing that the facility would boost power generation in the country between 750 and 1,000 megawatts of electricity.
Jonathan said the commissioning marks the beginning of a gas value chain that would affect the lives of Nigerians and boost the nation’s economy.
“With an added 1,000 megawatts of electricity to our national grid, our production capabilities are bond to expand, increasing the size and breath of our economy,” he said.
This means that the hair-dresser can do her hair-dressing, the welder can do his welding, and the factory can carry on production. It means that the people in the office can function because their computers will have power and all those things have impact on the ability of each individual to produce optimally.” Jonathan said.
He described the private sector involvement as key because it touches on the economy, regretting that even though Nigeria has more gas than crude but has not been maximising on gas over the years.
“We cannot continue to export raw crude oil and raw gas. When you export raw gas you create job and wealth in other places. You imagine the number of jobs the petrochemical industry will create. Private sector involvement is important.
The president expressed optimism that with the current investment in the petrochemical industry, by year 2020, the country would have reduced gas flaring to an acceptable limit.
He remarke      d that as a country, it was not for government to be directly involved in the building of industries but promised that government must provide the environment for the private sector to drive the economy.