Economy

Buhari pledges support for Nigeria International Petroleum Summit

Buhari pledges support for Nigeria International Petroleum Summit

The programme tagged Nigeria worldwide petroleum summit and the African petroleum technology and business conference was declared open by president Muhammadu Buhari with a resolve to have effective refineries running in Nigeria which will not only serve the country but Africa at large.

He also stated that the country's refineries were now producing at 14 per cent capacity, stressing that oil firms operating in the nation would not be allowed to ship out all the crude they produce without refining some locally in the near future.

"So the model we came up with is to bring in private sector investment in the fix and management of the refineries and get them up to about 90% of capacity".

"Now we are beginning to see projects like Egina, $15 billion; Zabazaba, potential $10 billion; Bonga, potential $10 billion, and the likes...put at over $40 billion potential investments over the next five years if we do the right thing, set the right models and set the right policies". Some of those will be announced over the next one month.

The minister, who spoke on the short and medium term priorities directed towards growing the country's oil and gas industry, said instead of disposing the refineries, the government will rather bring in private sector investments to fix them.

President Muhammadu Buhari yesterday in Abuja said the country would focus on developing the downstream sector of the nation's petroleum industry with the aim of pushing refined petroleum products to markets across countries in Africa.

"If we do that hopefully, we will be able to move drastically to self-sufficiency in the production of refined petroleum products".

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According to him, I wish to place on record that since the launch of the petroleum industry roadmap and Economic Recovery and Growth Plan (ERGP), we have recorded numerous successes especially in getting Nigeria out of recession and sustained increase in our foreign reserves.

International Energy Forum and the Organisation of Petroleum Exporting Countries were in attendance.

According to the OPEC Secretary General, Nigeria is consistently regarded as of the most respected members of OPEC particularly in the realm of consensus building.

The Minister of State for Petroleum Resources informed that the NIPS would attract participants from OPEC member countries and other global stakeholders across the globe.

"We have registered conformity in 2017 107% across all the participating countries".

Represented by the Commissioner for Mineral Resources Hajia Ramatu Yar'Adua, the Governor who declined to give details of the report during a chat with INDEPENDENT, however, admitted that already, global investors from America and Canada are in talks with the state government with the regards to oil prospecting.

"We didn't realize how much we have in Niger until quite recently when we got reports from our partners. We are excited about it, very soon the report will start flying about but at the stage we can not give too much details at what it is we have", he stated.


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