The Federal Government has taken a significant step towards harnessing its vast gas reserves, signing a major gas sales agreement to support the $3.3 billion Brass Fertilizer & Petrochemical Company Ltd. project.
The agreement, finalized by the Nigerian National Petroleum Company Limited (NNPCL) with key partners Shell, TotalEnergies, and Agip, marks a major milestone in Nigeria’s push to monetize its gas reserves.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described the deal as “a significant milestone” that will drive rapid industrialization and economic growth. He urged stakeholders to maintain momentum towards financial closure and project commencement.
The Brass Fertilizer Project is expected to generate $1.5 billion annually from exports, reduce fertilizer imports by 30%, save $200 million in foreign exchange annually, create 5,000 direct jobs and 35,000 indirect jobs, and contribute $600 million annually to Nigeria’s GDP.
This project aligns with President Bola Tinubu’s Decade of Gas initiative, positioning gas as a cornerstone of Nigeria’s industrialization and energy security.
NNPCL’s Executive Vice President of Upstream, Oritsemeyiwa Eyesan, noted the agreement’s significance in establishing a 10,000-methanol plant, reshaping Nigeria’s energy landscape.
The Permanent Secretary of the Ministry of Petroleum Resources, Ambassador Nicholas Ella, stated that the project’s broader economic impact is expected to reach $2 billion per year.
