Africa’s largest Crude Oil producer, Nigeria only received 4% of the $70 billion investment inflows into Africa between 2015 – 2019, according to KPMG.
This was disclosed by Timipre Sylva, Nigeria’s Minister of State of Petroleum at the unveiling of the new NNPC Ltd. on Tuesday in Abuja, the Federal Capital Territory.
Sylva described the unveiling of NNPC Ltd. as a new dawn in the quest for the growth and development of the Nigerian oil and gas Industry.
What Sylva is saying
He stated that President Muhammadu Buhari’s administration as President never concealed its desire to create a more conducive environment for the growth of the oil and gas sector and to address legitimate grievances of communities most impacted by extractive industries.
‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments.
“In fact, between 2015 and 2019, KPMG states that only 4% 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,” he said.
He added that 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”.
In case you missed it
- Nairametrics reported earlier that President Muhammadu Buhari formally launched the new Nigerian National Petroleum Company Limited, with a new logo and new motto: “Energy for Today, Energy for Tomorrow”.
- He said it is a landmark event for the Nigerian Oil industry, citing that the NNPC Ltd. will be an independent, commercially viable company that will adhere to global energy standards.