Buhari woos IOCs, investors at NIPS 2020
President Muhammadu Buhari has assured International Oil Companies, IOCs, that Nigeria remains ready and accessible for legitimate investment from all interested countries, individuals and partners.
Buhari gave the assurances in Abuja, while declaring open the 3rd edition of the Nigerian International Petroleum Summit, NIPS, 2020, an African Petroleum Technology and Business Conference, APTBC.
Represented by the Secretary to the Government of the Federation, SGF, Mr. Boss Mustapha, the President further told the investors in confident that their investments were well secured in Nigeria and a high return on investment always guaranteed.
According to him, the federal government was improving business environment to drive investments in the upstream, midstream and downstream, increase refineries production capacity as well as improve Niger Delta security through capacity building and economic empowerment.
He stated that his administration conceived NIPS as an inclusive initiative to serve as a platform for Nigeria to engage with local, regional and global investment communities as well as the promotion of the nation’s domestic oil and gas potentials.
The president also noted that his administration has taken steps to reposition the oil and gas sector to enforce transparency and efficiency in the sector by building capacity, enabling the use of information technology and automation and entrenching performance management, increase refineries production capacity, among other things.
Earlier, the Minister of State for Petroleum Resources, Chief Timipre Sylva, launched the Nigerian Gas Transportation Network Code, NGTNC.
Sylva said the network code will address infrastructural challenge and lift at least 100 million Nigerians out of poverty given its potentials to drive an open and competitive access to gas transportation infrastructure and industrialization.
"The immense opportunities that Nigeria's Gas Resource afford with our Gas Reserves position at 200.79 Trillion Cubic Feet (TCF), as at January 2019. The drive to optimally explore and produce this resource is driving government's aspirations for energy security, economic diversification, jib creation and enhanced revenue generation.
"Gas and its derivatives as envisaged in the National Gas Policy would surely catalyse our economic growth and the need for gas transportation infrastructure has, to a large extent, to be put in place for the sector to develop.
"Consequently, in line with government's policy to reinforce and expand gas supply and stimulate demand through the National Gas Expansion Programme, the Code will provide open and competitive access to gas transportation infrastructure and development of the Nigerian Gas Sector,” he said.
In his remarks, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, disclosed that the corporation would expand its operational footprints across the globe.
Kyari stated that though the primary focus of the corporation was to ensure energy security for Nigeria, it had capacity to meet the energy needs of the entire West African sub-region.
He also disclosed that NNPC was working with its technical partners to restore its three refineries to be able to operate at optimal levels, adding that already the Phase 1 of the rehabilitation work on the Port Harcourt Refinery had begun with Phase 2 work in the offing.
“We will continue to support the Dangote refinery and the other modular refinery projects in the country to guarantee energy security for Africa. Nigeria welcomes foreign investors to invest in the Oil and Gas Industry. 2020 is year of gas. Nigeria will deepen domestic gas use and monetization of our huge gas resources,” he said.
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