The Akwa Ibom State Government wanted to encourage long-term, sustainable economic development in the Ibom region, exploiting its natural resources and benefitting its people. In partnership with Dar, the Government proposed establishing an industrial city, the Ibom Industrial City (IIC), in the region. The industrial city was expected to foster innovation and attract global investment into the State. IPA was commissioned to conduct a conceptual market study for utilising the available natural gas resources and to develop an attractive project for investors.
In order to explore options for the monetisation of the State’s gas resources, IPA reviewed the availability of natural gas and assessed the feasibility of using that gas as feedstock for potential industries. The scope of the study was to create a strategy for the development of gas-based industries which would be competitive in the region and internationally, and which used the available gas resources and existing land and marine infrastructure. The study included:
IPA’s conceptual study, which proposed a phased build-up of projects, assessed market potential and identified and evaluated development risks, helped the Akwa Ibom State Government create an informed economic development strategy for the region.