‘Ovia’s N490b petrochemical, gas firm will transform Nigeria’

The plan to set up Quantum Petrochemicals in Akwa Ibom State by Chairman of Zenith Bank Plc, Jim Ovia, has been described as a giant stride that would reduce unemployment and boost the economies of state and the country.

Speaking with reporters during the second anniversary of the Governor Udom Emmanuel administration at the Uyo Township Stadium, the Chairman of Akwa Ibom State Integrity Group, Robert Okon, commended the promoters of the company, saying it would enhance the state’s industrialisation policy.

Okon lauded Ovia for the $1.5 billion (about 489.6 billion) initiative, which was inaugurated in 2014 by former President Goodluck Jonathan, adding it would not only engender the administration’s industrial development plan but also create employment and alleviate poverty in the state.

His words: “Ovia is passionately dedicated to poverty alleviation through investments in life-touching enterprises and we want to thank him for that.  He is a man of impeccable character and a corporate titan.

“The people of Akwa Ibom State see this investment as representing our hopes and dreams and we want to sincerely thank Ovia for his faith and belief in our state and our people.”

The group also commended Governor Emmanuel for good governance as captured in his five-point agenda of wealth creation, economic and political inclusion, poverty alleviation, infrastructural consolidation as well as expansion and job creation.

At similar celebration three years ago, former President Goodluck Jonathan underscored the importance of the company, saying it would impact positively on the lives of Nigerians.

He had said: “The Federal Government lends its support wholeheartedly to ensuring the success of this project. I would like to encourage Ovia and his board not to relent in their efforts to support the growth of entrepreneurship in the Nigerian economy.”

In his remarks, Ovia had assured that the company would encourage some local industries to grow upon completion. “The importance of developing capacity within the petrochemicals industry should not be underestimated. Petrochemicals provide the foundation for manufacturing industries. For example, construction, packaging, pharmaceuticals, agriculture and textiles among others,” he had noted.

The plant, when completed, would generate employment opportunities for thousands of people and help in the industrialisation drive of the current administration. The first phase of the project is commencing production in the first quarter of next year.