Odukpani Industrial Park ready to fuel Nigeria’s economic growth with $50 million govt grant

Odukpani Industrial Park ready to fuel Nigeria’s economic growth with $50 million govt grant

The Nigerian government’s effort to boost its economy through local content in the oil and gas sector has come to fruition with the launch of the Industrial Park in Odukpani, Cross River State.

The Nigerian Content Monitoring and Development Board (NCDMB), which set up the park, received a grant of $50 million from the federal government to attract investors.

For 55 years prior to 2010, the Nigerian oil industry was dominated by expatriates who provided the workforce and materials needed to keep the sector running.

However, in 2010, the Nigerian Oil and Gas Industry Content Development Act was signed into law, creating the NCDMB.

The board’s first task was to build the capacity of its staff and companies in the oil and gas sector.

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According to Dr Ginah O. Ginah, General Manager of Corporate Communications at NCDMB, the board has taken the local content in the oil and gas sector from 5% before 2010 to 54% presently and aims to take it to 70%.

One way of achieving this goal is by manufacturing oil and gas industry components and parts.

The Odukpani Park is set to achieve this dream, as it is ready for habitation.

Ginah explained that each industrial park would produce a different set of components and parts for the oil and gas sector, and the cost of operation would be relatively low, as companies operating in the park would share a common manufacturing floor, common security arrangement, and common power supply in this case natural gas.

He added that the NCDMB is currently reviewing applications from companies interested in setting up manufacturing plants in the Odukpani Industrial Park and will approve those that meet its requirements.

To power heavy machines, Sunday Adebayo, the project manager of the Odukpani Industrial Park, explained that natural gas was cost-effective compared to other options.

He added that the park has facilities, such as a banking hall, clinic, security, manufacturing floors, water treatment plant, helipad, and power supply, to make the operations of companies residing in the park smooth.