The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has restated the commitment of the Federal Government to the full implementation of the local content policy as enshrined in the Nigerian Content Development Act.
The Minister stated this yesterday, at a ceremony to mark the unveiling and formal signing of a $1 billion contract for the construction of General Electric’s Multi Modal Manufacturing and Service Facility in Calabar, Cross Rivers State. The plant will service the oil and gas as well as power sectors.
She commended the Nigerian Content Development Monitoring Board (NCDMB) for ensuring inflow of investment such as the manufacturing plant by GE. She warned that the Federal Government will do its best to ensure compliance with local content laws.
“The real work has only just started. While I have no doubt that GE will keep its word, I enjoin NCDMB to closely ensure that after completion of this project, the laws of the land are followed strictly with regard to local content,” the minister said..
She described the signing of the GE contract as significant, saying it represents a promise kept by the company, and a proof that Government is truly attracting credible foreign direct investment by creating the enabling environment for genuine investors.
Vice Chairman GE Global, Mr John Rice, expressed the company’s commitment to the project. He said that the company would not be deterred by the recent drop in oil prices.
“We are aware that government is taking necessary action to deal with the situation. We are still investors, we are a long term investor and our commitment to follow through on this does not change one bit,” the GE boss said.
Construction has been commissioned to Julius Berger and it will commence in January 2015. Production in the facility is expected to commence in the second quarter of 2016, while the project will be fully completed in the second quarter of 2017.
The project is expected to create at least 2,300 direct jobs.