The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has said that the investment drive that the government has embarked upon will attract over $3billion investments into refineries in the country.

This was contained in the 8th podcast that he released to the social media on Wednesday with special focus on the “country’s international energy relations and coordination.” He said that the Nigerian oil and gas sector is getting investments and supports from the International Oil Companies (IOCs). The minister added that for the first time, so many investments are coming and they are on the increase.

His words: “Some of the support include investments like the Zabazaba where there is a push for the FID and it is $10bn to $14bn; Bonga Phase 2, investments of close to $12bn; Egina, investments of close to $10bn to $15bn. The investment drive that we are doing to bring money into the refineries are investments that will come to over $3bn. There are so many other investments for the first time.”

Source: The Nation