The Nigerian National Petroleum Company Limited (NNPC Ltd) has invested over $1 billion in the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project. This project is one of the largest projects undertaken by NNPC Ltd in recent years.
The AKK gas pipeline project is a 614-kilometer pipeline that will transport natural gas from Ajaokuta in Kogi State to Kaduna and Kano states.
Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, announced that the project has not stopped for a single day since its commencement, despite the lack of third-party financing.
He added that NNPC Ltd has continued to fund the project, and the company has so far spent over $1.1 billion on the project from its cash flow.
Kyari stated that the AKK gas pipeline project is one of the most massive projects undertaken by NNPC Ltd, and it is of immense value to the country and the socio-economic growth of Nigeria.
He assured the Nigerian public that NNPC Ltd would deliver the project as planned. According to him, the project will create employment opportunities and boost the economy of Nigeria.
Kyari disclosed that NNPC Ltd currently owes no single dollar to its contractors, and the company has paid all their invoices.
He said that there are over 30 sites that are active today in the AKK gas pipeline project, and NNPC Ltd is optimistic that it will deliver the project.
The Vice President of Nigeria, Prof. Yemi Osinbajo, said that the AKK gas pipeline project was 43% completed last week. Osinbajo spoke through the Secretary to the Government of the Federation at a function in Abuja, where he reiterated that the project was a major project of the regime of President Muhammadu Buhari.
President Buhari inaugurated the AKK gas pipeline project in July 2020. During the inauguration, it was announced that the Bank of China and Sinosure, a Chinese export and credit insurance corporation, were to fund the $2.8 billion facility. However, NNPC Ltd has continued to fund the project without third-party financing.