…Edun expresses satisfaction with progress of AKK Gas Pipeline Project
By Goodluck Ikiebe, Abuja
Afreximbank, the African export and import bank, also referred to as Banque Afric with headquarters in Egypt has affirmed its interest in helping to buoy up the economy of Nigeria especially in the area of foreign exchange liquidity and trade facilitation.
Nigeria’s Finance and Coordinating Minister of the Economy, Mr. Wale Edun secured the bank’s expression of interest in this regard at a meeting with the President of Afreximbank, Dr. Okey Oramah, on the sidelines of the AfriCaribbean Trade and Investment Forum in the Bahamas.
The meeting took place during the 31st Afreximbank Annual Meetings, where Afreximbank reiterated its commitment to supporting the Federal Government of Nigeria in a series of proposed transactions that will further improve foreign exchange liquidity and facilitate trade and investment opportunities in Nigeria.
The meeting highlighted the strong partnership between Nigeria and Afreximbank, demonstrating their shared dedication to driving economic growth and development in the region.
In a related development, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed satisfaction with the progress made so far on the AKK Gas Pipeline Project, spearheaded by the Nigerian National Petroleum Company Limited (NNPC Ltd)and commended the team for their doggedness and dedication.
Mr Edun, who gave the commendation on Friday in Kaduna emphasized the importance of the project to President Bola Ahmed Tinubu’s Administration Strategy to grow the economy and create jobs.
He stated that the Federal Government is committed to providing all necessary support towards ensuring the completion of the project within six to nine months.
Mr Wale Edun, alongside the Minister of State for Petroleum Resources (Gas), Minister of Information and National Orientation, and the GCEO of NNPCL, had earlier visited the Kaduna State section of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project and were received by the Kaduna State Deputy Governor, Hadiza Balarabe, who represented Governor Uba Sani.
The Ministry Spokesman, Mr Mohammed Manga, says in a statement that the AKK Gas Pipeline Project, spearheaded by the Nigerian National Petroleum Company Limited (NNPC Ltd), is aimed at expanding Nigeria’s gas pipeline network in response to growing power demand and the need for gas-based industries.
“This ambitious project features a 40-inch by 614-kilometer pipeline stretching from Ajaokuta to Kano, complete with intermediate and terminal gas facilities”.
Mr Manga highlights the expected impacts of the AKK Gas Pipeline Project as follows.
Economic Growth:
The AKK project will boost power generation, revitalize dormant industries, promote new industrial development, and provide alternative transportation fuels along its corridor.
Job Creation:
Thousands of employment opportunities will be created, significantly reducing poverty.
Energy Sustainability:
The AKK pipeline will stem the rate of deforestation and provide an alternative fuel for power, cooking, transportation and industrial activities in key States like Abuja, Kaduna, and Kano, transforming Nigeria’s energy landscape.
Challenges Overcome:
Despite challenges like COVID-19, global inflation, and extreme weather conditions, the project has advanced employing over 2,000 workers, 1,925 of whom are Nigerians. The project also engaged 61 local contractors, showcasing the resilience of the support from Federal Government.
