The Host Communities of Nigeria Producing Oil and Gas had said it is targeting a $5bn fund in partnership with the private sector to kick-start investment drive and development in the oil-producing states in the country.
The Executive National Chairman of the body, Dr Mike Emuh, spoke during its national executive committee meeting in Warri.
“Since our financial investors said they are ready to the extent we are also ready, we have applied for a $5bn facility and we hope to pull this through and begin in earnest the aggressive investment in the basic areas of our interest in the oil and gas producing states across the country,” he said.
According to Emuh, while statutory financial allocations could come from the government for the development of the oil and gas-producing states, it was high time strategic steps were taken to involve the private sector.
He explained that such a step was necessary not only for managing such funds more efficiently but also for utilising financial resources from the private sector to augment partnerships that worked for the good of all parties. – Source: Punch
