President Muhammadu Buhari on Monday assured the International Oil Companies (IOCs) of security and higher returns on their investments.
He gave this assurance at the commencement of the Nigeria International Petroleum Summit (NIPS 2020) in Abuja.
Represented at the summit by the Secretary to Government of the Federation (SGF), Mr. Mustapha Boss, the president promised the investors a “guarantee that is second to none in the world’’.
Nigeria, he said, remains ready and accessible for legitimate oil investments from all interested countries, individuals, and partners.
“Let me assure our foreign delegates that their investments are well secured in Nigeria and a high return on investment is always guaranteed. It can’t get better anywhere,” Buhari said.
He explained that the government has carried out extensive work for the eventual passage of the Petroleum Industry Bill (PIB) to open the sector to competitiveness.
Besides, the president noted that steps are being taken to eposition the sector by improving the business environment and driving investments in upstream, midstream and downstream.
Importantly, he revealed that the process of commercialising gas flare in order to increase gas to power has begun.
Meanwhile, the Minister of State, Petroleum Resources, Chief Timipre Sylva, at the summit unveiled the Nigeria Gas Transportation Network Code.
Silva said the code is “in line with government’s policy to reinforce and expand gas supply and stimulate demand through the National Gas Expansion Programme, the code will provide open and competitive access to gas transportation infrastructure and development of the Nigerian Gas sector.
“Also, the code will stimulate the domestic gas supply market, drive gas-based industrialisation and the realisation of the government’s aspiration to move 100 million Nigerians out of poverty.”
The policy direction, according to him, is geared towards addressing the infrastructural challenges in the sector.
He added that the Nigerian Gas Master Plan (NGMP), the National Domestic Gas Supply and Pricing Regulation, 2008 (section 2(f&g ), and the National Gas Policy 2017 (section 4.3.3) stipulate the introduction of Gas Transportation Network Code to guarantee open access to the network.