President-elect of the United States, Donald J. Trump the will attend a road show being organized by Nigeria to attract investment to the oil and gas sector.
Nigeria Plans Oil and Gas Investment Roadshow
President-elect of the United States, Donald J. Trump the will attend a roadshow being organized by Nigeria to attract investment to the oil and gas sector.
The Minister of State for Petroleum Resources, Mr. Ibe Kachikwu said on Tuesday in Abuja when he revealed the 2017 goals of the Ministry of Petroleum Resources.
“We are going to be seeking to attract investments and complete all the MoUs we have in China and India. We are looking to do a roadshow to the UK, we are looking to do a roadshow to the US with President Donald Trump coming in,’’ he said.
The Minister said Nigeria would maximize the relationship built by President Buhari in taking a roadshow to the UK and US.
Federal Government Goals for 2017 -2019
Kachikwu also promised that the Federal Government is ready to pass the Petroleum Industry Bill (PIB) and allocate oil blocks in 2017.
Plans to generate revenue for the Federal Government
- Accelerate Federal Government’s revenues
- Look into areas where more money can be made to support the 2017 budget financing
- Build on the relationship that the president has built over time.
- Conduct oil blocks allocations and marginal flow awards
Promises on Refineries
Kachikwu assured Nigerians of:
- The commitment to revamp refineries to produce at 60 per cent capacity as the president has given marching orders on that.
- The commitment to reduce importation by 60 per cent in 2018
- The commitment to stop importing petroleum products substantially by 2019
- The commitment to focus on the already liberalized downstream despite some challenges
- The commitment to work within the liberalization infrastructure to be able to take away the low-hanging difficulties.
- The commitment to focus on and solve the Niger Delta issue.
- The commitment to move at a fast pace
Kachikwu acknowledged that there is much to do. The strategy is threefold. First is firming up government policies, then being able to gazette all oil and gas policies and then passing the Nigerian petroleum industry bill, PIB.
He then praised Nigeria’s “influential role” in stabilizing oil prices, and with the expectation that oil will trade in the $60s for the better part of 2017.