The Federal Government has said it is bullish that many oil and gas projects will commence in the country, following the signing of over $42bn worth of investment agreement recently by various Nigerian entities.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, said at the ongoing 10th Practical Nigeria Content Forum organised by the Nigerian Content Development and Monitoring Board in Yenagoa, Bayelsa State.
He said, “Government expects that with the Petroleum Industry Act now in place and supported by the enabling structures to ease doing business, new Final Investment Decisions should begin to happen rapidly in the Nigerian oil and gas industry.
“With over $42bn worth of investment agreement signed by various Nigerian entities at the just concluded Intra African Trade Fair in South Africa, there is strong optimism that so many new projects would soon commence in the Nigerian oil and gas industry.”
According to him, the country needs new projects in the industry to increase its production, grow national revenues, engage the local supply chain, create more employment for Nigerians and promote national security. Sylva said, “The Federal Government is committed to support and promote investments in gas as Nigeria’s transition fuel. This is the basis for Nigeria’s Decade of Gas Initiative, launched by President Muhammadu Buhari in March 2021.
