FG Says Oil Sector Will Attract $5bn Investments.

Federal Government says about $5 billion dollars’ worth of investments are expected in Nigeria from oil and gas companies in 2024

It disclosed this during the ongoing oil and gas sector retreat organized by the Federal Ministry of Petroleum Resources in Abuja, adding that efforts were being intensified to make the operating environment conducive for investors.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said, one of the key mandates of his ministry was to ramp up crude oil production, and that it was important for the country to attract investments in order to achieve this, stressing that the FMPR was working with its agencies and the Nigerian National Petroleum Company Limited in particular, to meet this goal.

Commenting on the vision of the oil firm in the next decade, Kyari said, NNPCL envisions a Nigeria propelled by the oil and gas industry through the “monetization of our vast 203 trillion standard cubic feet gas resources, increasing crude oil production to three million barrels per day, and raising domestic refining capacity to over one million barrels per day.

He also said, expanding the retail network to over 1,500 stations across sub-Saharan Africa, are renewable energy portfolio, and optimizing dividend pay-outs to shareholders.”