5 July 2019

Nigerian Oil Industry to Attract $48bn Investments in 7 Years

Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr Maikanti Baru, yesterday, stated that the Nigerian petroleum industry would attract over $48.04 billion investments, in terms of capital expenditures, over the next seven years.

Speaking at the ongoing Nigerian Oil and Gas, NOG, Conference and Exhibition in Abuja, Baru disclosed that Nigeria had immense potentials in terms of crude oil reserves, noting, however, that these resources or reserve numbers on their own mean nothing, except the country, drives investment in a sustainable and collaborative manner.

He explained that driving investments had been the thrust and focal point of the corporation's drive over the past three years, saying: "Currently, Nigeria is a leading oil and gas producer in Africa. The nation's energy outlook appears very positive even amidst the difficult operating and economic headwinds across the continent.

"It is also significant to state that of about $194 billion surges in the capital expenditure coming into upcoming oil and gas development on the African continent from 2018 to 2025, Nigeria today accounts for $48.04 billion (over 24.8 per cent) with other African countries sharing the rest.

"For Nigeria, therefore, oil and gas remain essential building blocks for our economic growth, particularly as a developing country. There is, therefore, no gainsaying the fact from the upstream, midstream and downstream sub-sectors, the Nigerian oil and gas industry is replete with massive investment opportunities."

$5bn spent on subsidy in 2018 --Tinubu

Also speaking, Group Managing Director of Oando Plc, Mr Wale Tinubu, disclosed that Nigeria spent $5 billion on fuel subsidy last year, noting that the sum represented funds that could have been used to finance other critical infrastructure needed by the vast majority of the populace.

Tinubu said stakeholders in the petroleum industry should rise up and discourage the practice.

According to him, other critical sectors of the economy, like education and health, among others, are in need of funding, adding that such funds expended on subsidy should have been directed to these sectors.

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