Nigeria and Mobil Producing are to invest $1 billion in Qua Iboe Power Plant Limited (QIPPL) to boost power generation.
Alhaji Muhammadu Sanusi II, the Emir of Kano and Chairman of the Plant unveiled the plan when he paid a courtesy call on Governor Udom Emmanuel of Akwa Ibom in Uyo on Thursday.
He said that the power plant, when completed, was expected to add 540 megawatts of electricity to the National Grid.
The QIPPL chairman expressed optimism that with the multi-billion Naira investment in the gas project, other firms would be attracted to the state.
He said that the project would boost the economy of Akwa Ibom and the country as well as create jobs for the teeming youths.
“I am in the state on a double mission, to foster goodwill between the people of Kano and Akwa Ibom as well as explore modalities for the smooth implementation of Qua Iboe Power Plant Limited project (QIPPL).”
The former Governor of Central Bank of Nigeria (CBN) expressed dissatisfaction with the funds expended by the Federal Government on fuel subsidy.
He said that the fund should have been directed to educational development, healthcare and other infrastructures to stimulate economic growth to cater for the Nigerian youth.
Sanusi commended Emmanuel for making Akwa Ibom an investors” haven with landmark infrastructures and an enduring legacy of peace.
He called for continuous peaceful political climate in the state, adding that no investor would like to put his money in an unsafe environment.
In his remarks, Emmanuel urged investors to take advantage of the available manpower, natural resources as well as peace and security in the state to invest and expand the state’s economy.
He noted that a strong economy gingers sustainable growth and enhances political development.
“Akwa Ibom is strategically located in the Gulf of Guinea, with a drought of 17.3 metres suitable for a Deep Seaport which is at the stage four of its execution.
“The successful completion of the seaport will ease the constraints at the Lagos Apapa Port.
“The state is blessed with the longest shoreline and plans are underway for a logistic hub to be established in the state.
“A cargo logistic terminal will be added at the Ibom International Airport to take care of the West African sub- region.”
The governor thanked the emir for the visit and his vision for the growth of the country’s economy.
He said that without adequate planning, the country would be in a deep economic mess by 2030 and appealed to politicians to see politics as a means of development for the benefit of humanity and not to create enmity.