The Nigerian National Petroleum Corporation (NNPC) says it will build three Independent Power Plants (IPP), with a combined capacity of 4,000 megawatts of electricity in Abuja, Kaduna and Kano states.
The corporation disclosed this in a statement issued by its spokesman, Mr Ndu Ughamadu, in Abuja, on Tuesday.
It said the NNPC also plan to set up a fertilizer plant in Brass, Bayelsa State, to boost agriculture in the South-South and other regions of the country.
Chief Operating Officer, Gas and Power of the corporation, Mr Saidu Mohammed, said that the planned power projects would be driven by the coming on stream of the NNPC Power subsidiary, Gas and Power Investment Company (GPIC).
Mohammed spoke at the inaugural board meeting of the GPIC
He said the company would help the NNPC transform into an integrated energy company with the production of 4,000 megawatts of power at strategic locations.
He added that all relevant stakeholders in the power sector were in alignment with the NNPC with the establishment of the GPIC.
Also, Chief Financial Officer of the NNPC and Chairman of the Board of the GPIC, Mr. Isiaka Abdulrazaq, said the GPIC was established as a subsidiary under the Gas and Power Directorate to enable the corporation monetize the abundant gas resources in the country for the benefit of the nation’s economy.
Abdulrazaq said the GPIC was a very strategic company through which the NNPC would create more value for the country.
He added that by the time the IPPs come on stream in Abuja, Kaduna and Kano, the Small Medium Enterprises, SMEs, in the areas would be better for it.
“The GPIC is a company which the NNPC has set up basically to focus on how it can create value and monetise the country’s abundant gas resources.
“The company will also be focused on developing power stations, fertiliser plants as well as petrochemical plants across the states.” he said
He noted that the NNPC had set up the Board to enable the company achieve its set targets within a very short period.
“The Board meeting has mapped out strategies to properly guide the company to enable it achieve its Key Performance Indicators,,” he added
He said that the initiative would add value in terms of payment of taxes and generating more revenue for the country, as well as more job opportunities for Nigerians.