To encourage foreign direct investments(FDIs), the Ministry of Petroleum Resources said it is creating an Oil and Gas Investment Center that will serve as a one-stop Oil and Gas Investment Center.
To attract all available FDI into the industry, it was said that the center would work in tandem with all MDAs to establish a business environment that is conducive to potential investors.
This was announced on Wednesday in Abuja at the ongoing Nigerian Oil and Gas (NOG) Conference by Mr. Kamoru Busari, Director in charge of the Permanent Secretary’s office, Ministry of Petroleum Resources.
Busari gave a speech at the 2022 NOG conference’s industry regulators session, which featured the theme “Funding the Nigerian Energy Mix for Sustainable Economic Growth.”
He said that the project was carried out by the PIA’s Section 3(e) duty to “Promote an Enabling Environment for Investment in the Nigerian Petroleum Industry.”
He claimed that the necessity to start developing business models that would increase the export of petroleum products with added value while decreasing crude oil exports made it necessary.
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According to him, thoughtful legislation and policies that would promote investments and private firms in these streams must be developed.
Each of us must now work to give the act’s already-built flesh life to fulfill our responsibilities as regulators and opportunity enhancers.
“To prevent obstacles in operations and processes, this will be accomplished by direct collaboration with all pertinent parties during the operationalization of the Petroleum Industry Act (PIA).
He claimed that the 2022 NOG was special since it was the first to be held after the nation had finally passed the age-old PIA, which had been up for debate for more than 20 years.
He exhorted all NOG participants to contribute to the topic to effectively transform the potential difficulties or barriers brought on by the new law into chances to expand Nigeria’s oil and gas industry.
