Nigeria In One Minute
Government’s inaction robs nation of $24b, 18,000 jobs
The Federal Government’s failure to get the Brass Liquefied Natural Gas (LNG) project in Bayelsa State, (which it initiated) on stream, nearly 15 years after, has robbed the country of over $24b in estimated revenue, as well as, about 18, 000 jobs.
Indeed, going by the plan of the project sited over 8005-hectares, shareholders, including the Nigerian National Petroleum Corporation (NNPC), were expected to have taken the first Final Investment Decisions (FIDs) since 2007, and recoup their investment in the first five years (2012).
Had the project been up and running, it would have enabled the country produce additional 10 million metric tonnes of gas yearly and also secure a brighter future in the international market.
The Guardian gathered that so far, slightly over $1b had been expended on early works, even without the signing of a Final Investment Decision (FID).
The Guardian, August 12, 2018
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