The Nigerian National Petroleum Company Limited (NNPCL) has signed a $3.5 billion memorandum of understanding (MoU) with the Akwa Ibom state government and the Gas Aggregator Company of Nigeria (GACN).

The company in a statement on Tuesday said the signing ceremony was held during the opening session of the South-South Gas Utilisation Forum 2025 in Uyo, Akwa Ibom state.

It noted that the agreement shows the South-South region’s commitment to driving gas industrialisation for the commonwealth of all.

According to the statement, the forum was attended by Minister of State for Petroleum Resources (gas), Ekperikpe Ekpo, alongside representatives from the governors of Akwa Ibom, Cross River, and Rivers states.

“NNPC Ltd.’s delegation was led by the Executive Vice President, Upstream, NNPC Limited, Udy Ntia, who also serves as the GACN Board Chairman, and the Executive Vice President, Gas, Power, and New Energy, Mr. Olalekan Ogunleye,” the statement reads.

Managing Director of GACN, Mr. Chijioke Uzoho, and his team organised the forum to rally key stakeholders in the region toward catalysing holistic development through gas industrialisation.

“The opening session culminated in the signing of a $3.5 billion Memorandum of Understanding between NNPC Ltd., GACN, and the Akwa Ibom State Government, signalling the South-South geopolitical zone’s commitment to driving gas industrialisation for shared prosperity.”

In a separate statement, Ekpo said his attendance at the event was more than official, saying that “it is personal”

“As an indigene of Akwa Ibom, I am proud to witness this convergence of visionaries committed to gas-powered prosperity,” the statement read.

The minister commended Umo Eno, Governor of Akwa Ibom state, for creating a development-friendly environment in the state.

He also thanked GACN for “driving this important dialogue”.

“This is a defining moment for the South-South. We have the gas reserves, the will, and now the platform,” he said.

“Our message is clear: Let’s turn gas into jobs, industries, and inclusive growth. Through the Decade of Gas, the LPG penetration programme, the AKK and OB3 pipelines, and the spirit of the PIA, we are building something lasting.”

The minister urged stakeholders to translate ideas into action, emphasising that “this is our chance to lead not just a regional conversation, but a national transformation.”