………To prompt FIDs into Nigeria
Nigeria’s petroleum resources ministry has disclosed that it will set up a one-stop Oil and Gas Investment Centre to prompt Foreign Direct Investments (FDIs) into the country.
Director in charge of the office of the permanent secretary, Mr. Kamoru Busari, who made this known on Wednesday at the ongoing Nigerian Oil and Gas (NOG) Conference in Abuja, said that the centre would be spread across all the MDAs to create an enabling business environment for would-be investors to attract all the available FDIs into the country’s oil and gas sector.
Busari, while speaking at the regulators session of the conference with a theme “Funding the Nigerian Energy Mix for Sustainable Economic Growth,” said that the development was in fulfillment of the ministry’s mandate as enshrined in Section 3(e) of the Petroleum Industrial Act (PIA) to “Promote an enabling environment for Investment in Nigerian Petroleum Industry.”
According to the director, the investment centre became necessary as there is the need to begin to create business models that would reduce the export of crude oil while increasing export of value-added petroleum products in the country.
Busari noted that there is also the need to formulate deliberate regulations and policies that would encourage investments and enhance private businesses in these streams.
He said that “The task before every one of us now is to breathe life to the flesh already built by the act to play our roles as regulator and opportunity enablers.
“This will be through direct collaboration with all relevant stakeholders in the operationalisation of the Petroleum Industry Act (PIA) to prevent impediments in operations and processes.”
Busari added that this year’s NOG was unique because it was the first conference after Nigeria passed the long-awaited and contentious PIA.