Nigeria's Federal Government is to embark on massive investment in petrochemical plants, as well as development of enterprise centers and industrial clusters around the country.
The Minister of Commerce and Industry is in the process of concluding talks with the President towards injecting massive investment to set up petrochemical processing plants and enterprise centers in the country. Talks are not being held with private sector investment because of the size of the huge investments involved. It has been estimated by the Ministry that such petrochemical plants could cost about $5-$7 billion to set up in Nigeria.
The planned petrochemical plant which will use feedstock from Nigeria 's thriving petroleum industry and will produce products that will boost local production of some finished goods that are currently not being manufactured in Nigeria because of the non-availability the basic materials.