President Muhammadu Buhari encouraged investors that Nigeria is safe and secure for their investment, at the opening ceremony of the Nigeria International summit (NIPS) in Abuja on Sunday.
“Let me assure our foreign investors that your investments in Nigeria are very much secured and this can’t be better anywhere else,” the president said
In the same vein, he assured investors of return on investments in the country as his administration is aggressively working towards making it a better place for oil and gas investments.
President Muhammadu Buhari said that transparency in the oil and gas sector, increased reforms and the move to pass the Petroleum Industry Bill (PIB), are measures put in place to achieve a conducive environment for oil and gas operations in the country.
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 firewoods to produce energy in Africa as well as fashion out modalities to ensure energy sustainability in the continent.
Nigeria is set to finally pass a new bill regulating the petroleum industry by the middle of this year, after nearly two decades of delays, the country’s Minister of Petroleum Timipre Sylva said at the same event on Monday.
Also speaking at the event, Mele Kyari, Group Managing Director at NNPC, said that “We are, more than ever before, committed to working with stakeholders to increase our crude oil production from 2.3 million bbl. per day to 3 million bbl. per day.”
He revealed that the Nigerian state oil firm is working with technical partners to revamp its three refineries in Port Harcourt, Kaduna, and Warri. NNPC has completed Phase 1 of the Port Harcourt project and is moving to Phase 2, while it also works on Phase 1 for the other two refineries.
The recent amendment to the Deep Offshore Act will improve financial stability and investor confidence, NNPC’s head said