FG Targeting N3.6trn Investments In Oil, Gas Infrastructure

FG Targeting N3.6trn Investments In Oil, Gas Infrastructure

The Federal Government has renewed its commitment to attract over $10 billion (N3.6 trillion) to the Niger Delta between 2017 and 2019 through investments in infrastructure, The Guardian reports.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who made the disclosure at the graduation ceremony of the Petroleum Training Institute (PTI), Delta State, noted that the use of equity and debt to finance the share of Nigerian National Petroleum Corporation (NNPC)-Joint Venture (JV) cash calls could no longer be sustained in this period of low oil price regime. He said that Nigeria is considering asset sales to bridge this gap.

“We are also improving the investment climate and ensuring an enabling environment for the development of our gas resources through the Nigerian Gas Policy,” he said. Kachikwu stated that the Petroleum Industry Bill (PIB) is being considered in phases by the National Assembly. “The Bill itself covers everything from the overhaul of NNPC to taxes on upstream projects, to regulatory framework of the oil and gas sector. I want to state firmly that PTI would be properly captured in the Bill,” he added.

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