Bayelsa Plans Petrochemical Firm …Targets 30,000 Jobs

Sen Abdul-aziz Nyako of Adamawa State Central Senatorial district (left) distributing improved Maize seedlings to farmers in his zone recently Photo: NAN

As part of on-going
efforts to restructure and expand its economic capacity, the Bayelsa State Government has put in place modalities to employ no fewer than 30,000 workers especially indigenes in its $3.5 billion fertilizer and petrochemical company.
This disclosure was made by the Deputy Managing Director, Bayelsa Development and Investment Corporation (BDIC), Mr. Tam Alazigha, in a statement obtained by our correspondent recently.
He stated that $3.5 billion Brass fertilizer and petrochemical project to be sited at Odioma in Brass local government area is expected to generate a turnover of $1.5 billion.
The project, he added would openout posts in strategic locations in the various key markets in order to leverage on opportunities that the markets offered to drive the restoration of Bayelsa State’s economy.
This high catalytic project according to Alazigha is expected to produce 5,000 metric tons of methanol per day, 2,200 metric tons per day of Ammonia and 7,700 metric tons per day of urea for domestic and export markets.
“This project will ensure availability of high-grade fertilizer for farmers throughout the planting season and meet 25 per cent of the country’s projected annual domestic demand of 10 million metric tons and the BDIC is to take up a 10 per cent equity stake in the project”, he said.
Other achievements as listed by the BDIC boss include, the $300 million Liquefied Petrochemical Gas project at Agge with a projected turnover of $100 million, with capacity to produce butane or cooking gas.
The BDIC is a special purpose vehicle and strategic enabler of market driven development which could also be a fall back option in times of national or global financial crisis and emergency.
Currently with an asset base of over $1.2 billion, he said the government leverages on private sector funds and expertise to grow wealth for the state and insulate the economy from oil price volatility.