In 1998, the Joint Industry Companies (JIC), made up of NLNG, Shell Petroleum Development Company Limited (SPDC) and Exxon Mobil signed an MOU with Bonny Kingdom. This development led to the establishment of the Bonny Utility Company (BUC) with the sole responsibility of delivering sustainable water supply and electricity to Bonny Kingdom. The JIC has implemented many other projects under the MoU; these include the 1.5km by-pass road, the 1.2km access road and the Bonny Master Plan.
As part of a process to improve the JIC framework and convert the advantage of this signiﬁcant infrastructural development to real growth, a Pan Bonny Sustainable Development Conference was therefore convened on the 25th of May 2013 by His Majesty, King Edward Asimini William Dappa Pepple III, Perekule XI, Amanyanabo of Grand Bonny Kingdom, in conjunction with Bonny Chiefs' Council and with the active support of the Joint Industry Companies (JIC) led by Nigeria LNG Limited to determine the future of development on Bonny Island.
The theme of the conference was "Expanding Partnerships to Harness Multiple Opportunities for Growing a Local Economy for Bonny Kingdom."
Conference accordingly resolved as follows:
That Bonny will update the Master Plan supported by partners, in a manner that Bonny people can drive its implementation, starting with the acquisition of baseline information, to evolving a shared strategic development vision and plan, with which they can deﬁne the direction and measurement of progress.
That Bonny will create a partnership platform as a formal way of bringing together old and new development partners, especially those interested in human development and business/commercial partnerships, as well as in creating synergy with government and development agencies for the beneﬁt of the Kingdom and its people. This Platform is to be called Bonny Kingdom Partners for Business and Development (BKPBD).
In order to be better prepared and welcoming to potential partners as well as attract and maintain the conﬁdence of investors, developers and development agencies, Bonny people resolve to evolve viable development governance structures, maintain a conducive atmosphere for business to thrive and organize themselves into effective business institutions which meet current best practices.
That Bonny people will undertake self-reorientation to guide the entire community towards enhancing business growth and productive attitudes such as self-reliance, entrepreneurship, and partnership building, in order to engender growth and prosperity in the kingdom.
Conference agreed to set up an economic and social development fund for Bonny, to ﬁnance the implementation of the updated Master Plan when in place. It was also agreed that the fund shall be set up and managed in line with global best practices in order to inspire the conﬁdence of donors. Reputable global fund managers shall advise Bonny Kingdom on the setting up and management of the fund. The fund shall serve the purpose of servicing infrastructural, enterprise and social development, with a view to a secured economic future and heritage investment to cater for the next generation through investment in Equities and Bonds.
Already, an executive committee set up by JIC is looking into bringing these aspirations to fruition.
In 2015, NLNG announced that implementation will commence in 2015 with Bonny Island to receive N2 billion in funds from NLNG.