Nigeria has signed a landmark Gas Sales and Purchase Agreement (GSPA) for the Brass Fertilizer and Petrochemical Project with its multi-national oil companies in a brief ceremony in Bayelsa. This milestone achievement is done after nearly a decade of what appeared to be a herculean hurdle to cross.

The Minister of State for Petroleum (Gas), Hon. Ekperikpe Ekpo, representing the Federal Government of Nigeria at the project signing ceremony expressed his profound joy in having the privilege to witness this great occasion.

“I had the privilege of supervising the signing of a landmark Gas Sales and Purchase Agreement (GSPA) for the Brass Fertilizer and Petrochemical Project in Bayelsa State. The GSPA marks a pivotal moment for the Brass Fertilizer and Methanol Project, as it paves the way for financial close and the commencement of construction,” Hon. Ekperikpe said.

The Brass Fertilizer and Petrochemical Project is a partnership that involves NNPC Ltd, Shell Petroleum Development Company (SPDC), TotalEnergies Ltd, and Eni, with the joint venture partners agreeing to supply Brass Fertilizer and Petrochemical Company Ltd 270 million standard cubic feet of gas daily (270MMscfd) — the largest such commitment to any domestic gas offtaker in Nigeria.

“Let me state that this project is expected to generate over $1.5 billion annually from the export of fertilizers, petrochemicals, and gas-based products, directly benefiting our economy. It will also reduce fertilizer imports by 30%, saving the country $200 million annually in foreign exchange, and contributing $600 million annually to our GDP.

“Indeed, this agreement highlights our business-friendly environment and the federal government’s drive to attract foreign investment. I appreciate President Bola Tinubu’s guidance and steadfast support, which were instrumental in achieving this milestone.

“The success of this GSPA underscores the importance of strategic collaboration in achieving our energy goals. I therefore urge all stakeholders to maintain their commitment, ensuring that financial close and construction commence without delay,” He added.

According to the minister, the project will create over 5,000 direct jobs and 35,000 indirect jobs, uplifting livelihoods, especially in the Niger Delta region. The project is also expected to transform the host Bayelsa State, offering economic benefits, jobs, and development for the local community, and enhancing Nigeria’s energy security.