Effiong Okon, Seplat Plc’s Director of New Energy, has revealed the company’s plans to erect a $250 million gas plant in Sapele, Delta State.
This was announced during the Nigeria Oil and Gas Outlook event in Lagos, encapsulating the theme, “Investing in Nigeria’s Energy Future.”
Okon seized the opportunity to articulate Seplat’s far-reaching vision, affirming the company’s strategic role in shaping the country’s energy narrative.
“We are also starting a brand-new plant in Sapele, the Sapele gas plant – another $250 million investment that will deliver a lot of LPGs to the market,” he stated during a panel discussion on secured energy transition towards gas.
This venture aligns with an amplified interest from investors eyeing Nigeria’s energy sector, eagerly anticipating inflows of investments into Africa’s largest economy. Analysts have observed a global trend emphasizing energy-related ventures, with Africa emerging as a player in this dynamic landscape.
Nigeria, holding the continent’s largest natural gas reserves, has seen a surge in exports over the past 23 years. Okon also shed light on Seplat’s timeline, indicating that the Joint Venture gas processing facility in Imo State is primed for completion by December, with plans for commissioning in January 2024.
In his address, the Seplat Director underscored the indispensable role of the private sector in steering investments within the oil and gas sphere. He emphasized that government support through policies and ensuring a secure environment is pivotal for fostering sustainable growth and development in the industry.
However, the rising energy costs, constituting over 30 percent of businesses in Nigeria according to the Manufacturers Association of Nigeria, pose challenges, particularly for struggling MSMEs.
The surge in petrol prices has exacerbated the plight of these enterprises, already burdened by multiple operational challenges.