In a significant boost for Africa’s job market, the Africa Finance Corporation (AFC) is stepping in to back the continent’s largest gas-to-methanol plant.
This ambitious project will start its first construction phase, creating 2,500 local jobs and bringing new opportunities to the Nigerian community.
The AFC’s support through a project development facility is a key part of making this vision a reality.
In the heart of Akwa Ibom, a rich oil state in southern Nigeria, a transformative project is about to unfold.
The bold plan aimed to build a gas-to-methanol plant, producing 1.8 million tonnes of methanol annually.
This venture aimed at revitalising the local economy by creating over 18,000 jobs and transforming the region’s economic landscape.
The project, led by Blackrose, a prominent development and investment firm, alongside the International Finance Corporation (IFC) and AFC, promised significant change.
The involvement of these key players highlighted its potential impact.
“We weren’t just building a plant; we were converting wasted local natural gas into something valuable.
“We would now produce methanol, a versatile chemical used in solvents, paints, plastics, and car parts, in large quantities.
“This production would reduce harmful CO2 emissions.
“As we began constructing the plant, we created over 2,500 local jobs, breathing life into the community.”
“The impact didn’t stop there.
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“We expected the project’s ripple effects to generate an additional 16,000 jobs indirectly through boosted manufacturing activities and economic diversification.
“This would be a significant shift for the region, focusing on reducing harmful gas flaring that had caused respiratory and other health issues,” the president and CEO of AFC, Samaila Zubairu, said, praising the initiative.
Nigeria’s Green Revolution
He said, “This innovative project is transforming an immense negative into a significant positive by harnessing Nigeria’s abundant gas reserves.
“It’s an opportunity to lead globally in low-carbon manufacturing and energy systems”.
The collaboration with Blackrose and IFC, Zubairu emphasized, was a testament to their commitment to Africa’s transition to a net-zero future.
The project aimed not only at industrial growth but also at local job creation and socio-economic advancement.
Additionally, it sought broader community development.
The development would unfold in two phases.
Phase one focused on producing low-carbon methanol, essential for everyday products and alternative fuels for shipping and industrial heating.
“We would make this methanol using energy-efficient methods; consequently, we would significantly reduce the plant’s carbon footprint compared to traditional production techniques,” he added.
With Nigeria’s vast gas reserves, the project is not only a local opportunity but also a potential game-changer for the country’s resource management and climate resilience.
In phase two, the project would expand to include ammonia production, essential for fertilizer.
