The Bayelsa Development and Investment Corporation said on Tuesday that it had taken coordinated steps to diversify the state’s economy for more income streams.
The Deputy Managing Director of the corporation, Mr Tam Alazigha, told newsmen in Yenagoa, the state capital, that the $3.5 billion Brass fertilizer and petrochemical project to be sited at Odioma in Brass Local Government Area was expected to generate a turnover of $1.5 billion and employ 30,000 workers.
“This high-impact catalytic project is expected to produce 5,000 metric tonnes of methanol per day, 2,200 metric tonnes per day of ammonia and 7,700 metric tonnes per day of urea for domestic and export markets.
“This humongous project will ensure availability of high-grade fertilisers for farmers throughout the planting season and meet 25 per cent of the country’s projected annual domestic demand of 10 million metric tonnes.
“The corporation is to take up a 10 per cent equity stake in the project,” he said.
Alazigha predicted a prosperous future for the people of the state as the corporation intensified action to restructure the state economy and expand economic opportunities.
He said the offices opened in South Africa, United Kingdom and Atlanta, United States would “take Bayelsa to the world and bring the world to Bayelsa.
“They will open outposts in strategic locations in the various key markets in order to leverage on opportunities that the markets offer to drive the restoration of the Bayelsa economy.’’
He said the corporation recently acquired a property in the U.K. at St. John’s Wood and formed part of the assets in its balance sheet.
Alazigha said the property cost 2.3 million pounds but was now valued at more than 3 million pounds and attracting a monthly income of 7,000 pounds.
He said the property in the U.S. was purchased in 2013 at $850,000 and was leased at a monthly income of $5,000 dollars.
Alazigha also said that the corporation was into negotiation with Microsoft and Google to facilitate deployment of white space technology in the state to make internet available in the rural areas and build businesses.
He said the small and medium businesses were key areas of interest in which much had been done to change the state from being a civil service state to a modern economy with a lot of enterprises.
He said Bayelsa, with a gross state product of $18.5 billion (N2.4 trillion) and vast resources in oil and gas, was a rich state, adding, however that, such status was yet to fully benefit the people.
Alazigha said that it was clear to the state government that public funds accruing from the consolidated revenue were grossly inadequate to address the huge challenges of infrastructure deficit.
He said the government consequently came up with the corporation as a special purpose vehicle and strategic enabler of market-driven development which could also be a fall back option in times of financial crisis and emergency.
“The corporation, which now has an asset base of more than 1.2 billion dollars, leverages private sector funds and expertise to grow the wealth of Bayelsa and insulate the economy from oil price volatility,” Alazigha said.
He said that it was evident that the government alone could not drive the process of infrastructural development in the state, hence the establishment of the corporation.
