Buhari tells investors Nigeria is safe for oil, gas investment

President Muhammadu Buhari, yesterday told investors in the oil and gas that Nigeria is safe and secure for their investment.

He spoke in Abuja at the opening ceremony of the 2020 Nigeria International Petroleum Summit (NIPS), where he also assured that his administration is pursuing aggressive drive to make Nigeria haven of oil and gas investment as well as enable investors reap requisite investment from the fortunes staked in the country.

Buhari, who was represented by the secretary of the government, Boss Mustapha, said part of the measures the incumbent administration has taken to woo investors into the oil industry was reposition of the industry, improving of the nation’s economic environment, gazetting of operational modalities in the oil and gas industry and promotion of gas revolution in the country.

He also investors should consider Nigeria point of destination on the strength that transparency is now entrenched in the oil and gas sector, increased reforms which have boosted local capacity and the hunger to pass the Petroleum Industry Bill(PIB) with a view to opening up the industry to global competitiveness.

The President, who admitted that Nigeria still has challenges to tackle in the sector urged participants to deliberate on the potential impacts of paradigm shift from hydrocarbon assets to fossil fuel, prevailing energy poverty in Sub-Saharan African,rising use of fire woods to produce energy in Africa as well as fashion out modalities to ensure energy sustainability in the continent.

In his remarks, Senate President, Ahmed Law an, emphasised that the National Assembly would cooperate with the executive arm of government to make the country’s oil and gas resources more attract and add value to Nigeria’s economy.

He also said it was necessary Nigeria to be mindful of the alternative to oil and be prepared to turn same into fortune for the growth of the country.

Speaking, Minister of state for petroleum resources, Chief Timipre Sylva implored Africa to look inwards, develop and sustain technical as well as managerial capacities in innovation, operations and management of its endowed oil and gas resources.

He said: “Several decades in the oil industry, we have taken pleasure in attending conferences of this nature abroad. Without realising that such conferences could be replicated here to enable us showcase the progressive development in the African Oil and Gas Industry. i am happy to announce that, now we have realized. It is better late than never”.

He commended President Muhammadu Buhari, saying he has demonstrated requisite personal example and conduct in the country’s oil and gas industry .

He said: “This is reflected in the enthronement of discipline, transparency and efficiency in the overall management of the oil and gas sector. And has also propelled your appointees to toe the line of probity and accountability by ensuring that your agenda especially for the oil and gas sector is achieved.

“The encouragement and support you have given to policies of the Ministry to ensure transparency and take the industry to the next level has been encouraging.

He said NIPS, Nigeria‘s official petroleum summit is a Pan-Atrican event designed as a meeting point for the oil and gas industry to introduce and harness new technologies and ideas that will lead to development at new strategies that would attract and enhance inflow at foreign investments while improving success rates of indigenous business engagements.

“Furthermore, it will also facilitate close interaction of industry specialists. Leaders in the private, and oil and gas sectors resulting in cross fertilisation of ideas that will advance the needed development in the sector,” he said.


Source: Independent



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