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Oil sector to attract $25bn investment in 2 years, NCDMB says

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Executive secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said that the country’s oil and gas industry is expected to attract $25 billion investment in the next two years.

The secretary, while addressing journalists in Lagos yesterday on the upcoming Nigerian Oil and Gas Opportunity Fair (NOGOF), said the oil industry is looking positive despite changing dynamics in the global market which is creating crude oil pricing uncertainties and even with the Petroleum Industry Governance Bill, PIGB, hanging in the National Assembly.

He added that since the legislation came into effect, the oil and gas industry has recorded significant Foreign Direct Investment (FDI) in pipe mills and growth in Nigerian owned marine vessels. Wabote shared that the industry recorded $20 billion investment in the last two years, with various projects being pursued by International Oil Companies, IOC’s.

He also disclosed that certain key Final Investment Decisions (FIDs) would be concluded before the end of the year that will set a new pattern of growth for the industry.

Source Leadership NG
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