Segun Awofadeji in Bauchi
Bauchi State Governor, Senator Bala Abdukadir Mohammed, has said the discovery of oil and gas deposits in the Kolmani area of the state presented huge potential for economic development, especially in the area of natural gas and associated components.
The governor, who spoke while presenting the 2024 budget to the State House of Assembly, said Bauchi was currently working with interested investors to consider the establishment of an Industrial Complex for Natural Gas and Associated Products with industries that would focus on utilisation of natural gas.
“The opportunities include increased revenue – through 13% Derivation; improved IGR; as well as backward and forward linkages through the attraction of businesses that rely on outputs from the sector and vice-versa,” he said.
According to him, efforts towards building up local content had also progressed steadily, as the Oil and Gas Academy in Alkaleri, the governor’s local government area established to actualise that would take off soon.
“In addition to the opportunities for industrialisation through the oil and gas sector, other potential also exists, which include pharmaceuticals,” he said.
He explained that with availability of raw materials for the industry, the state should be able to engage investors on the possibility of establishing a modern pharmaceutical company that could meet about 70% of the market in the North-East.
“The key economic potential and comparative advantages the state has in the areas of agriculture, solid mineral resources, brownfields and tourism, among others, have necessitated the need for efforts towards building sustainable and mutually beneficial partnerships and attracting investments,” he said.
Mohammed further explained that the state would leverage the relationship it has with China through the Bauchi-Shandong Sister State-Province relationship in order to attract investments to develop value-chain around agriculture, oil and gas, solid minerals and science and technology in order to create jobs, wealth and reduce the prevailing rate of poverty in the State.
