The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that Nigeria will make a calculated change of direction in its oil and gas business in order to focus on meeting the growing demands of countries in the African continent, THISDAY reports.
Rather than pushing further in its traditional petroleum trade destinations such as Europe and the Americas which he said their demands were thinning down, Kachikwu stated that Nigeria would now shift its focus to push to take over the African market, making sure that majority of the volumes of oil and gas demands of the continent came from her oil fields.
He stated this in his opening remarks at the sixth edition of the annual Sustainability in the Extractive Industries (SITEI) conference with the theme: ‘building local for global’ yesterday in Abuja. According to him, the country would work with Angola to ensure that both countries secure and satisfy oil demands from the continent.
He also explained that within the next five years, the federal government would enact laws to favour indigenous investors in the country’s oil industry to enable them compete favourably across the globe. Kachikwu stated that it was time for Nigeria to consider her interests first above any other interests.