Akwa Ibom Secures $3.5bn Gas Investment Deal with NNPC, GACN to Boost Industrialization
Akwa Ibom State has signed a landmark $3.5 billion gas development agreement with the Nigerian National Petroleum Company Limited (NNPC) and the Gas Aggregation Company of Nigeria (GACN), marking a major milestone in Nigeria’s domestic gas utilization drive.
The Memorandum of Understanding (MoU) was formalized during the South-South Gas Utilization Forum held in Uyo. Leading the Akwa Ibom delegation was Governor Umo Eno, represented by his deputy, Senator Akon Eyakenyi. The event also featured the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, and NNPC’s Executive Vice President (Gas), Olalekan Ogunleye.
Describing the agreement as “a strategic leap toward energy-led prosperity,” Governor Eno noted that the deal positions Akwa Ibom as a hub for natural gas development and industrial investment. He expressed appreciation to President Bola Tinubu for prioritizing the gas sector and commended stakeholders for advancing the administration’s “Gas to Prosperity” agenda.
“Akwa Ibom is committed to creating an investor-friendly environment, ensuring strict adherence to environmental standards, and delivering tangible benefits to our host communities,” the governor said.
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Minister Ekpo praised Governor Eno’s proactive leadership in the energy sector and described the forum as a transformative platform for repositioning the South-South region as an innovation and industrialization hub.
“This is more than a forum—it is a declaration of intent and a roadmap to gas-based prosperity. Governor Eno’s vision aligns seamlessly with President Tinubu’s Renewed Hope agenda,” Ekpo stated.
He emphasized the importance of gas-powered industries, calling for the development of petrochemical plants, modular refineries, fertilizer production, and compressed natural gas (CNG)-powered transportation to drive sustainable economic growth across the region.
With this agreement, Akwa Ibom joins the frontline of subnational governments tapping into Nigeria’s vast gas reserves to fuel industrialization, attract investment, and stimulate inclusive development.
