Inside Business Africa INSIDE BUSINESS AFRICA APRIL 2019 - Page 22

Developing Story I N S I D E B U S I N E S S A F R I C A Increasing investments Shell Plans $15bn Investments in Nigeria, Targets 70% Local Content, looking to power over 1.2 million homes with Ohaji gas project T he Shell Petroleum Development Company (SPDC) yesterday said that it would be expending about $15 billion across 24 oil and gas projects in Nigeria in the next five years. Speaking at 2nd Nigeria Oil and Gas O p p o r t u n i t y Fa i r ( N O G O F ) , concluded in Yenagoa, Bayelsa State, Managing Director of Shell, Mr. Nosa Okunbor, who spoke on the need for Nigerians to take advantage of the opportunities in the oil industry, also said that the oil giant would, in the next five years, surpass a 70 per cent target in the deployment of wholly Nigerian human and material resources to achieve its production benchmark. The two-day programme was themed "Maximising Investment into the Nigeria Oil and Gas Industry for the Benefits of the Nigerian People" and was organised by the Nigerian Content Development and Monitoring Board (NCDMB) headquartered in Bayelsa. Okunbor added that when completed, the ongoing projects, in the next five years, were capable of generating thousands of jobs in the industry and cited the Assa North, Ohaji project in Imo State as capable of generating 1,200 megawatts and powering over 1.2 million Nigerian homes. "These remain exciting times for Nigeria as Shell along with its partners will be maturing several projects in support of Nigeria's growth ambition. "A cocktail of policies and the active support of government and its agencies like NCDMB have made these investments possible as industry continues to witness improved cycle times. "We have an investment portfolio of over $15 billion over the next five years. Shell's investments will bring huge benefits to the country and its people in terms of contracts and jobs" he said. According to him, the company has already taken a Final Investment Decision (FID) on the 300million scf/d Assa North Ohaji (ANOH) gas project, which on completion is expected to generate circa 1200MW to power circa 1.2m homes (1MW - 1000homes) by supplying gas into the domestic gas market. He added: "In addition to these, we are also maturing several sizeable projects planned to start within the next five years. Twenty eight projects covering export gas, domestic gas and oil projects spread across Deep Offshore, Shallow Water, Swamp and Land terrains. "Benchmark for all these projects is to meet and where possible surpass the 70% Nig erian Content targ et. Employment opportunities are huge, not to mention the spin-off in allied services." He also listed the onshore oil opportunities as the drilling and completion of over 100 wells; flowlines and bulklines of over 700 km, noting that most of the opportunities would be driven by six infill projects. Earlier, the Executive Secretary of the NCDMB, Simbi Wabote, noted that the event was to showcase opportunities in the Upstream, Midstream and Downstream sectors of the Petroleum Industry. He noted it will also provide stakeholders with information on upcoming projects to enable Nigerian companies/manufacture rs tailor their business development strategies. "It will help identify high impact activities with potential for in-country va l u e a d d i t i o n a n d develop a five-year roadmap to ensure sustainable Nigerian Content Development," he said. THE MAGAZINE 0F THE CORPORATE WORLD Tourism Reviving tourism in West Africa The majority of visitors from Europe West Africa has huge tourist potential, but factors such as poor transport, and the US flock to attractions in Egypt, security concerns and the ebola virus have held it back. Concerted Kenya, Morocco, South Africa and reforms are needed to boost the number of arrivals. Tunisia. Kenya is even making a sustained henever Godwin Ovat across West Africa, where huge tourism attempt to grab a greater share of the intra-African tourism market as the travels around his home potential is yet to be maximised. state of Cross River in "It's saddening to see a state which is Kenyan Tourism board opens talks with southern Nigeria, he sees a state that blessed with natural gifts and beautiful Nigerian and Sierra Leonean industry should be the leading tourism sites to behold and yet is not doing its representatives in a bid to encourage destination in the country. best to take advantage of this arrivals. Cross River is blessed with opportunity," says Ovat, founder of the attractions: magnificent waterfalls, a local nonprofit Defining Tr ue Rich in attractions From The Gambia's sandy Kotu Beach slave history museum, the Obudu Leadership. to Mali's Bandiagara Cliff Villages and Mountain Resort where a visitor can Africa as a whole occupies only a small ride cable cars or swim, and Cross River slice of the international tourism Ghana's slave fortresses, with the right National Park, with 4000sq km of market, accounting for 62.9m (or about planning and investment the West lowland rainforest where gorillas, 5.1%) of the 1.2bn global tourism African tourist sector could rake in chimpanzees and elephants roam. arrivals in 2016, according to the Africa millions more in foreign exchange But a combination of challenges Tourism Monitor compiled by the earnings and create much-needed employment opportunities for the including inadequate funding and African Development Bank. investment, poor infrastructure and Tourism receipts are higher as a teeming youth population. But poor-quality service, inadequate insecurity have conspired to erode percentage of GDP in eastern and tourism receipts in Nigeria. southern Africa (4.5% and 3% infrastructure, security concerns and The story of Cross River and much respectively) than in West Africa the 2014-16 ebola outbreak have conspired to undermine the region's of Nigeria mirrors a regional problem (2.1%). W u 22 u t APRIL1 4 - 28, 2019 t 31 u APRIL1 4 - 28, 2019