Federal Government has assured investors, both foreign and indigenous, of investment security and high returns on investments in Nigeria.
Delivery his welcome address at the ongoing Nigerian International Petroleum Summit (NIPS) in Abuja on Monday, President Muhammadu Buhari, who was represented by Secretary to the Government of the Federation (SGF), Barrister Boss Mustapha, stated that Nigeria, as an oil producing nation, remains ready and accessible for legitimate investment from all interested countries, individuals and partners.
According to him, “Let me assure foreign delegates that their investments are well secured in Nigeria and a high return on investment is always guaranteed. It cannot get better anywhere.”
He said towards achieving the realization of a safe and secure investment environment, “this administration has taken steps to repositioned the oil and gas sector in the following areas: improve the business environment and drive investments in the upstream, midstream and downstream;
”Reviewed and gazetted policies and regulations to enhance operations in the sector; enhance accelerated revolution by developing infrastructure for multi domestic utilization of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG);
“Commence the process of commercializing gas flare and increasing gas to power; improve Niger Delta security through capacity building and economic empowerment;
”Enforce transparency and efficiency in the sector by building capacity, enabling the use of IT and automation and entrenching performance management; Increase refineries production capacity, improve stakeholders management, international relations and bi-lateral coordination and carry out extensive work for the passage of the PIB, I to open up the oil and gas sector to competitiveness.”
On his part, the Minister of State for Petroleum Resources, Chief Timipre Sylva, urged the other African nations to look inwards and develop local capacity in Petroleum technology needed for the development of the oil and gas industry.
Sylva said that the third edition of NIPS must be taken “as a call to us in Africa to look inwards, develop and sustain technical as well as managerial capacities in innovation, operations and management of our endowed oil and gas resources.
“Several decades in the oil industry, we have taken pleasure in attending conferences of this nature abroad without realizing 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. Better late than never.”
He said the event is 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 of 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 sector resulting in cross fertilization of ideas that will advance the needed development in the sector,” he said.
