Nigeria receives $2.8b of total $70b inflow into Africa
By Jeph Ajobaju, Chief Copy Editor
Nigeria received $2.8 billionor 4 per cent out of the $70 billion investment inflows into the oil and gas industry in Africa between 2015 and 2019, according to KPMG.
Petroleum Minister of State Timipre Sylva disclosed this in Abuja, where he described the launch of Nigerian National Petroleum Company Limited as a new dawn in the quest to develop and grow the oil and gas industry.
He reiterated the Muhammadu Buhari administration has always expressed its desire to create a more conducive environment for the growth of the oil and gas sector and to address legitimate grievances of communities impacted by extractive industries.
‘‘While the country was waiting for the PIA [Petroleum Industry Act], Nigeria’s oil and gas industry lost about $50 billion worth of investments,” he said.
“In fact, between 2015 and 2019, KPMG states that only 4 per cent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer with the largest reserves.”
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NNPC in new dawn
Nairametrics reports Sylva enthused the unveiling of NNPC Limited is a new dawn in the quest “for the growth and development of the Nigerian oil and gas industry, opening new vintages for partnerships.”
Buhari on 19 July formally launched NNPC Limited with a new logo and new motto: “Energy for Today, Energy for Tomorrow”.
He said: “NNPC Limited will operate as a commercial, independent and viable National Oil Company (NOC) at par with its peers around the world, to sustainably deliver value to its over 200 million shareholders and the global energy community, while adhering to its fundamental corporate values of integrity, excellence and sustainability.
“NNPC Limited is mandated by law to ensure Nigeria’s national energy security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world ….
‘‘It will, of course, conduct itself under the best international business practices in transparency, governance and commercial viability ….
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.”