The Traffic

NNPC, Akwa Ibom, GACN Seal $3.5 Billion Deal to Drive Gas

Industrialization in South-South
In a major boost for Nigeria’s gas economy, the Nigerian National Petroleum Company Limited (NNPC Ltd), Akwa Ibom State Government, and the Gas Aggregation Company Nigeria Ltd/GTE (GACN) have signed a landmark $3.5 billion Memorandum of Understanding (MoU) aimed at powering gas industrialization across the South-South region.

The MoU was inked at the opening session of the 2025 South-South Gas Utilisation Forum held in Uyo, Akwa Ibom State, drawing high-level stakeholders from government and the energy sector.

Present at the signing were the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, representatives from the Governors of Akwa Ibom, Cross River, and Rivers States, as well as top executives from NNPC Ltd and GACN.

The NNPC delegation was led by Udy Ntia, Executive Vice President, Upstream, who also chairs the GACN Board, and Olalekan Ogunleye, Executive Vice President, Gas, Power, and New Energy.

According to a statement released by NNPC Ltd on Tuesday, the $3.5 billion deal signals a strong regional commitment to gas-driven development and economic diversification, leveraging the South-South’s abundant natural gas resources for shared prosperity.

The forum, convened by GACN Managing Director, Chijioke Uzoho, was designed to galvanize partnerships and ignite the region’s gas value chain through industrial utilization, infrastructure development, and job creation.

During the event’s AGM Dinner & Cultural Night, Minister Ekpo emphasized the role of gas as a catalyst for sustainable national growth, urging stakeholders to commit to long-term investments in the sector.

Representing Akwa Ibom State Governor Pastor Umo Eno, the Commissioner for Economic Development, Emem Bob, restated the state’s dedication to harnessing gas as a vehicle for industrial and economic transformation.

NNPC’s Udy Ntia, speaking in dual capacity as GACN Board Chair, reaffirmed the corporation’s resolve to lead strategic alliances that will unlock Nigeria’s gas potential for energy security and economic resilience.

The event marked a key milestone in repositioning Nigeria’s South-South as a national gas hub, setting the stage for deeper collaboration and accelerated project execution.

By Haruna Yakubu Haruna