The Honeywell Group has entered into an agreement with the United States Trade and Development Agency (USTDA) in order to develop a world-class gas-based industrial complex.

The petrochemicals initiative might require more than $3 billion in capital costs on competition. The two will partner will join hands to fund the initiative. Under the initiative, the two sides will develop a world-scale petrochemicals industrial complex. The project will create significant employment opportunities and also contribute to Nigeria's economic growth through import substitution.

According to Dr Teddy Ngu, Head, Corporate Development & Investments, Honeywell Group, "The Honeywell Group welcomes the opportunity to partner with the U. S. Trade and Development Agency (USTDA) to fund a study to assess opportunities in the petrochemicals sector. The Group's plan to move into this sector is premised on our strong track record of building successful and sustainable Nigerian businesses that are known for their excellence and best practices."

Dr. Ngu said that the country has the largest proven gas reserves in Africa and the 9th largest holder of gas in the world. The company will be able to tap into the untapped resources in the country.