Chinese global engineering firm CNCEC and UAE global conglomerate Alpha Grip Management Company (AGMC) have signed an agreement to jointly develop, finance and construct the Ogidigben Gas Revolution Industrial Park (GRIP) Project in Nigeria.
Valued at $20 billion, the GRIP project will include the construction of power facilities, a fertilizer production system, petrochemical plants, aluminum smelters and LNG and methanol production plants. The project aims to exploit oil and gas resources in Nigeria’s Delta State to drive economic growth, employment creation and enhance energy security.
CNCEC will leverage the GRIP project to advance its overseas expansion strategy, building on its presence in the Nigerian market through the development of the Dangote Refinery, said CNCEC President Li Zhenyu.
Sheikh Mohamed Bayorh, Chairman of Alpha Group UAE, emphasized that the signing of the agreement is a result of Nigeria’s recent policy reforms designed to attract international investors.
The partnership aligns with Nigerian President Bola Tinubu’s vision of strengthening bilateral ties with China in areas such as energy, trade, innovation and economic development, according to Joseph Tegbe, the Director General of the Nigeria-China Strategic Partnership.