NNPC Ltd, GACN, Akwa Ibom Govt Sign $3.5bn Gas Development Agreement

A major step toward gas-driven economic transformation has been taken at the South-South Gas Utilisation Forum 2025 in Uyo, Akwa Ibom State, with the signing of a landmark $3.5bn Memorandum of Understanding (MoU) between the Nigerian National Petroleum Company Limited (NNPC Ltd.), the Gas Aggregation Company of Nigeria (GACN), and the Akwa Ibom State Government.

The high-level event was attended by the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, and representatives of the governors of Akwa Ibom, Cross River, and Rivers States, signalling regional collaboration on Nigeria’s gas industrialisation agenda.

NNPC Ltd. was represented by its Executive Vice President, Upstream, and GACN Board Chairman, Mr. Udy Ntia, as well as the Executive Vice President, Gas, Power, and New Energy, Mr. Olalekan Ogunleye.

Also present was the Managing Director of GACN, Mr. Chijioke Uzoho, who led efforts to convene key stakeholders for the forum.

The event’s highlight was the formal signing of the $3.5bn MoU, a deal aimed at unlocking the region’s gas potential to power industries, create jobs, and foster economic growth.

Speaking at the opening session, Ekpo underscored the federal government’s commitment to leveraging Nigeria’s abundant gas reserves for national development, especially in the South-South, which is home to some of the country’s richest energy resources.

Mr. Emem Almond Bob, Honourable Commissioner, Ministry of Economic Development, Akwa Ibom State, who represented the State Governor, reinforced regional commitment to gas-driven development.

The Executive Vice President, Upstream, NNPC Ltd., Mr. Udy Ntia, who also serves as the GACN Board Chairman, highlighted NNPC Ltd.’s leadership in fostering partnerships to advance gas utilisation for Nigeria’s economic diversification and energy security.

The governor described the MoU and investment package as “a strategic leap toward energy-led prosperity.”

He commended President Bola Tinubu for his commitment to gas development in Nigeria.

“Akwa Ibom is committed to creating an enabling environment for investment, ensuring adherence to environmental standards, and delivering tangible benefits to our host communities,” the governor stated.

NNPC Ltd, GACN, Akwa Ibom Govt Sign $3.5bn Gas Development Agreement is first published on The Whistler Newspaper