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Akwa Ibom set to host $1.8bn methanol factory

By The Rainbow


The industrialisation policy of the Akwa Ibom government appears to be yielding fruits with the planned establishment of a $1.8 billion methanol factory to be sited at Ibaka Deep Seaport in Mbo Local Government Area of Akwa Ibom.

The factory, which is to occupy about 22 hectares and to generate employment opportunities for more than 20,000 people, will begin operations in September this year.

Akpabio, who made this known during a town hall meeting at Eket Local Government Area hall with stakeholders from the eight oil-bearing communities in the state, said though more companies have indicated interest in the seaport, the state government has to be careful in accepting some offers to avoid falling into the traps of fraudsters.

Meanwhile, Akwa Ibom government has set up a six-man committee from the eight oil-bearing communities to work with ExxonMobil in implementing development projects for their communities. BUSINESSDAY