19 September 2017

Nigeria: Investment Opportunities, Others to Feature in Govt's Petroleum Summit, Exhibition

Nigeria's strong capabilities in the oil and gas sector and the investment opportunities available will be highlighted at the Nigeria International Petroleum Summit (NIPS) in Abuja from February 19 to 23, 2018.

The government stated in a statement obtained by Vanguard that this first Federal Government of Nigeria's official oil and gas industry event will undoubtedly be the Africa's largest and most important industry platform and linkage to the world where engineering and technological breakthroughs, bid rounds, bid sign-off, major contract signing and sites conferences would meet other developmental and economic diversification initiatives of the country.

The statement stated that the Vice President of Nigeria, Prof. Yemi Osinbajo, has already unveiled the official launch of Nigeria International Petroleum Summit 2018 in the presence of 19 African Ministers of Petroleum and delegates who attended the African Petroleum Producers Organisation (APPO) meeting in Abuja.

Dr. Ibe Kachikwu, Minister of State for Petroleum Resources said, the Nigeria International Petroleum Summit (NIPS) will be held annually as a platform to highlight Nigeria's long history of oil and gas production, substantial reserves and status as a leading global player in the sector.

He said that this would be reinforced through the attendance of key Nigerian political decision makers, government officials and industry's specialists from the National Oil Company(NOC) and other relevant government bodies on the one part and Chief Executive Officers (CEOs) of National and international oil companies, multinationals and multilateral organizations, the academia and other relevant stakeholders et cetera.

Nigeria's petroleum industry is the largest in Africa with proven oil and gas reserves of 37 billion barrels (bbl) and 192 trillion cubic feet respectively.

The sector contributes about 10 per cent to the country's Gross Domestic Product and accounts for 95 per cent of all exports. Given that Nigeria's gas reserves have remained largely untapped, the country is expected to make a shift towards becoming a major producer and exporter of gas which the summit provides with an excellent business environment to interact, cross-pollinate ideas and to make deals happen.

'We are excited about the potential possibilities of hosting for five days at the International Conference Centre (ICC), located in the heart of Abuja's business district, Africa largest oil and gas international exhibition of economic operators, national and international companies and potential investors coming together to present new technologies and know-how in the petroleum sector in Nigeria', Dr.Kachikwu said.

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