The Nigerian National Petroleum Company Limited (NNPC Ltd.) has signed a $3.5 billion Memorandum of Understanding (MoU) with the Akwa Ibom State Government and the Gas Aggregation Company of Nigeria (GACN), marking a major step towards accelerating gas-based industrial development in the South-South region.
The signing took place during the opening session of the South-South Gas Utilisation Forum 2025, held in Uyo, Akwa Ibom State. According to a statement released by the national oil company on Tuesday, the agreement reflects a strong commitment by the region to harness its gas resources for inclusive and sustainable economic growth.
The forum was attended by Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), as well as representatives from the governments of Akwa Ibom, Cross River, and Rivers States.
Leading the NNPC Ltd. delegation were Udy Ntia, Executive Vice President, Upstream and GACN Board Chairman, and Olalekan Ogunleye, Executive Vice President, Gas, Power, and New Energy. Also present were GACN Managing Director, Chijioke Uzoho, and his team, who convened the forum to rally regional stakeholders around the shared objective of gas-driven development.
The statement noted: “The opening session culminated in the signing of a $3.5 billion Memorandum of Understanding between NNPC Ltd., GACN, and the Akwa Ibom State Government, signalling the South-South geopolitical zone’s commitment to advancing gas industrialisation for broad-based prosperity.”
In a separate statement, Minister Ekpo, who hails from Akwa Ibom, described the event as both official and personal. “As an indigene of Akwa Ibom, I am proud to witness this convergence of visionaries committed to gas-powered prosperity,” he said.
The minister praised Governor Umo Eno for fostering a business-friendly environment and acknowledged GACN’s role in facilitating the strategic dialogue.
“This is a defining moment for the South-South. We have the gas reserves, the political will, and now the right platform,” Ekpo stated. “Our message is clear: let’s convert gas into jobs, industries, and broad-based growth. Through the Decade of Gas initiative, LPG penetration, the AKK and OB3 pipelines, and the implementation of the Petroleum Industry Act, we are laying the foundation for long-term development.”
He called on stakeholders to act decisively and transform ideas into results, stating that “this is our opportunity to lead not just a regional initiative, but a national transformation.”