The slogan, “Imo’s potential in energy is becoming harder to ignore and invest in Imo state now before it is too late”, are becoming obviously visible to the blind and audible to the deaf following influx of major oil, gas a petrochemical industries into the state.
DrumAfricanews can officially report that a lot is quietly happening around the state’s energy and industrial sector, particularly in Ohaji/Egbema, one of the areas where Imo’s natural gas resources are concentrated.
Anyone following the recent presentation by Gulf Power Innovation Limited (GPIL) where they highlighted some of the projects the company says it is pursuing in Imo state, will understand that something great is happening.
According to GPIL, among the companies they are bringing to Imo State is a proposed petrochemical plant in gas-rich Ohaji/Egbema, which the company describes as Africa’s biggest petrochemical plant, with a planned capacity to handle 220 million standard cubic feet of gas per day.
The company is also looking at developing the Oguta–Orashi River corridor, with plans for a deep-water corridor stretching towards the Atlantic Ocean.
According to the presentation, the idea is to develop a port and LNG facility that could support the export of petrochemical products and LNG.
Then there is another interesting piece of the puzzle: electrical cable and transformer manufacturing in Ukwuorji, in Eziama-Obiato community, in Mbaitolu LGA of Imo State.
While GPIL says it is also working towards a plan to generate and transmit up to 1,000MW of power into the Nigerian electricity market, it’ll definitely sell some and make electricity efficient in Imo in collaboration with Orashi Electricity Company of Imo State.
Observers are of the opinion that these projects could mean if they move from plans to full-scale operations, will be a full-blown rapid economy that will reshape the economic landscape of Imo State and the Southeast.
“Imagine natural gas production, petrochemical processing, electricity generation, manufacturing, transportation, and exports been domiciled in Imo State and employing people in Imo State? It’s going to be massive employment for our youths both the graduates
“That is no longer just about extracting resources from the ground. It is about building an industrial ecosystem around Imo’s natural resources.”
Observers are also of the opinion that perhaps the most interesting part is that some of the investors looking at these opportunities are not originally from Imo.
“They are seeing the state’s energy potential and looking at how to turn those resources into commercially viable businesses.
“For a state with significant oil and gas resources, the bigger question should therefore not only be how much crude oil or gas is underground?
What industries can we build around those resources, how many jobs can they create, and how much value can remain in Imo instead of leaving the state as raw resources?
“Ohaji/Egbema could become much more than an oil and gas-producing area if the right investments, infrastructure and policies come together.
“Imo’s natural resources are there. The opportunity is there. The next challenge is turning that potential into functioning industries,” an observer opines.
