The Nigerian National Petroleum Corporation (NNPC) says it is prepared to build additional Independent Power Plants (IPP) in Abuja, Kaduna and Kano which are expected to add 4,000 megawatts of power to stabilize the national grid.
The national oil company also disclosed that it would construct a fertilizer plant in Brass, Bayelsa State.
Chief Financial Officer of NNPC and Chairman of the Board of NNPC Power subsidiary, Gas and Power Investment Company (GPIC), Mr. Isiaka Abdulrazaq, stated this at the inaugural board meeting of GPIC at the NNPC Towers in Abuja.
The GPIC, according to a statement by NNPC spokesman, Mr. Ndu Ughamadu, 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.
Mr. Abdulrazaq said the GPIC was a very strategic company through which the NNPC would create more value for the country, stressing that by the time the IPPs come on stream in Abuja, Kaduna and Kano, the Small and Medium Enterprises (SMEs) in the areas would be better for it.
"GPIC is a company which the NNPC has set up basically to focus on how it can create value and monetize the nation's abundant gas resources. The company will also be focused on developing power stations, fertilizer plants as well as petrochemical plants across the states," Mr. Abdulrazaq said.
He said the setting up of the company would add value in terms of payment of taxes and generating more revenue for the country.
He stated that the fertilizer project in Brass, Bayelsa State, would produce fertilizer to boost agriculture in the South-South and other regions of the country.