Nigerian oil industry to attract $48bn investments in 7 years

Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr Maikanti Baru, yesterday, stated that the Nigerian petroleum industry would attract over $48.04 billion investments, in terms of capital expenditures, over the next seven years.

Speaking at the ongoing Nigerian Oil and Gas, NOG, Conference and Exhibition in Abuja, Baru disclosed that Nigeria had immense potentials in terms of crude oil reserves, noting, however, that these resources or reserve numbers on their own mean nothing, except the country, drives investment in a sustainable and collaborative manner.

He explained that driving investments had been the thrust and focal point of the corporation’s drive over the past three years, saying: “Currently, Nigeria is a leading oil and gas producer in Africa. The nation’s energy outlook appears very positive even amidst the difficult operating and economic headwinds across the continent.

“It is also significant to state that of about $194 billion surges in the capital expenditure coming into upcoming oil and gas development on the African continent from 2018 to 2025, Nigeria today accounts for $48.04 billion (over 24.8 per cent) with other African countries sharing the rest. (Vanguard)