FG attracts $50bn investment to oil sector

The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri  said  Nigeria remains a titan of African energy – expecting $50 billion worth of investments in the sector, before the end of the year. The minister who spoke with journalists in Abuja on Tuesday, said that the policy direction of President Bola Ahmed Tinubu, has […]

The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri  said  Nigeria remains a titan of African energy – expecting $50 billion worth of investments in the sector, before the end of the year.

The minister who spoke with journalists in Abuja on Tuesday, said that the policy direction of President Bola Ahmed Tinubu, has in the last one year, revolutionized the oil sector and making it very attractive to both local and foreign investors.

Explaining that the quickest way to fix the nation’s socio-economic challenges is through the oil sector, the minister said the federal government is working very hard to use oil resources to industrialize the country.

Lokpobiri said: ‘’The ongoing reform in the oil sector is attracting investors; we have addressed their concerns and we have regained their confidence. We are expecting about $50 billion worth of investment to come in before the end of the year, and once more investors come in, our oil production will increase.

‘’There are so many oil wells that were drilled and locked up; and part of my mandate is to open up those wells to boost our oil production.’’

While saluting the people of the Niger-Delta for maintaining peace in the region, the minister said that the peaceful environment had also encouraged improvement of oil production.

The minister also revealed that the federal government had made substantive gains in the war against oil thief in the Niger Delta.

The minister stated that Nigeria relies so much on crude oil production, and appealed to the media to be part of the journey to develop the sector. ‘’The President means well for Nigerians; we can trust him to do things differently’’, he said.

On the ongoing total deregulation in oil sector, he said the country will be better for it.