Nigeria says security first goal in oil roadmap: oil minister

Nigeria's President Muhammadu Buhari and Minister of Budget and National Planning Udo Udoma Udo attend the 22nd Nigerian Economic Summit (NESG 2016) in Abuja, Nigeria, October 10, 2016. REUTERS/Stringer
Social sharing

Ending the insurgency in Nigeria’s Delta region that has hobbled oil production is the first goal of a seven-point plan for the petroleum industry, the country’s oil minister said on Thursday.

The government is launching a $10 billion infrastructure program in the restive region that produces most of Nigeria’s oil, and President Muhammadu Buhari will meet representatives of militant groups and community leaders from the Niger Delta in Abuja next week in a bid to end the attacks.

“Our target is to ensure zero militancy in the area,” oil minister Emmanuel Ibe Kachikwu told a forum in Abuja aimed at outlining strategy for the petroleum industry. “This planned meeting shows the level of interest the president has to ensure peace in the area.”

Kachikwu said the $10 billion investment is “not necessarily” going to come from the federal government, but rather from “oil companies, investors, individuals”.

Militants fighting for a greater share of the OPEC member’s wealth complain of poverty and a lack of development across the oil-rich Niger Delta region.

NATIONAL IMPERATIVE

The seven-part strategy also envisaged passing a long-delayed Petroleum Industry Bill by December. The bill, which covers everything from an overhaul of state oil company NNPC to taxes on upstream projects, was delayed by violence in the Delta, which at one point cut production to 30-year lows.

READ ALSO  Nigerian Military Makes A Major Breakthrough As Troops Eliminate 188 Terrorists, Arrest 330

The first part is already pending in the senate, and Kachikwu said the second part, which deals with fiscal aspects of the petroleum industry, is “almost completed” and will be presented to the oil industry in the next week or two.

While the government has emphasized diversifying the economy, Buhari on Thursday said it would be impossible to move forward without the oil industry.

“Oil and gas resources still remain the most immediate and practical keys out of our present economic crisis,” Buhari said, and the plan for the industry is “a national imperative and a core thrust of our economic policy”.

The other elements of the plan outlined on Thursday are: a business environment and investment drive, transparency and efficiency, stakeholder management and international coordination, gas revolution and finally refineries and local production capacity.

Kachikwu said Nigeria was also considering asset sales and wanted to improve the investment climate and enable development of the nation’s gas assets.

Kachikwu said Nigeria’s oil output stood at 1.8 million barrels a day, compared with the 1.9 million bpd the Petroleum Ministry announced earlier this week. Still, he added that the government hoped to get back to 2.2 million bpd next year – the level seen at the start of 2016.

READ ALSO  UNIZIK Student Francisca Chioma Mbadigha Reportedly Kidnapped In Anambra

“We have a capacity to produce 3 million,” he said.

Source: Reuters 

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About Timothy Stephen 1104 Articles
9News Nigeria Global Breaking News Platform News from Nigeria News from Africa Nigerian News African News

Be the first to comment

Leave a Reply