Nigerian multi-millionaire banker, Jim Ovia is sets to construct a $1.5 billion petrochemical plant in Ibeno, Akwa-Ibom State through his newly founded company called Quantum Petrochemical.
According to ThisDay newspaper, the company has selected IHS and SAIPEM as the lead consultant and project developer respectively, to manage the project.
President Goodluck Jonathan, during the groundbreaking ceremony recently, promised that the Nigerian government would lend its wholehearted support to ensure the successful completion of the project, while also commending the businessman for his commitment to investing in Nigeria.
According to the president, “I would like to encourage Mr. Jim Ovia and his board not to relent in their efforts to support the growth of entrepreneurship in the Nigerian economy.”
The new facility will produce petrochemicals such as polyethylene, polypropylene and methanol, and create thousands of new jobs.
This petrochemical park will enable a whole host of local industries to sprout and flourish, providing significant employment opportunities for Nigerians,” Ovia said.