Home Business FG to invest $500m on projects in oil sector, targets 71,000 jobs

FG to invest $500m on projects in oil sector, targets 71,000 jobs


ABUJA – The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, says more than 500 million dollars will be invested in different projects in the oil and gas sector in the next few years.

This is contained in statement made available to the News Agency of Nigeria (NAN) in Abuja by Mr Obinna Ezeobi, the Public Affairs Officer of the Nigerian Content Development and Monitoring Board.

The statement quoted the minister as saying that this when she visited the headquarters of the board in Yenagoa, Bayelsa state.

According to the statement, the projects are expected to generate 71,000 jobs.

It said that over 200 million dollars would be invested in the pilot pipe mill project being developed at Polaku, Bayelsa.

It said that the project, which is expected to be completed before the end of 2015 would create over 500 direct jobs and 10,000 indirect jobs.


The statement added that the project would also provide opportunity for some youths in the community to be trained abroad to enable them work in the plant.

It said that Alison-Madueke, who doubles as the Chairman of NCDMB’s Governing Council, also confirmed that the board’s headquarters’ building project would cost over 200 million dollars.

It said that the board had commenced the training of 100 artisans, who would eventually work in the project to ensure adequate participation of Nigerians youths in the project,

The statement also identified the Oil and Gas Industrial Park as another major development which will create opportunities for Nigerians, including Bayelsa indigenes.

The statement also quoted the minister as saying that about 100 millions investment would be sunk into the project while infrastructure construction would commence later in 2014.

“The facility will provide a platform for the manufacturing of components of the oil and gas industry equipment and create over 50,000 jobs.

“Nigerians have been given first consideration in various areas in the oil and gas sector in line with the provisions of Nigerian Content Act.

“These areas range from award of oil blocks, oil field licenses, oil lifting licenses,” it stated. (NAN)


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