Petroleum Summit: Nigeria is open to private sector investments in the downstream sector – Buhari

President Muhammadu Buhari, represented by the Secretary of the Government of the Federation, Boss Mustapha, launched the maiden edition of the Nigeria International Petroleum Summit (NIPS), in Abuja, on Monday.
NIPS, according to the Permanent Secretary of the Ministry of Petroleum Resources, Folasade Esan, represented, “Nigeria’s contribution to the quest for a sustainable platform for global industry players to come to Africa in the interest of the oil industry.
“It is designed to be Africa’s largest and most important industry platform and linkage to the world where engineering and technological breakthroughs will meet other developmental and economic diversification initiatives,” she said.
“This international petroleum summit is significant for several reasons, as it has the full backing of the government of Nigeria and it represents our contribution to the quest for sustainable platform for global industry players to come to Africa in the interest of the oil industry.
“Nigeria is open to private sector investments in the downstream sector and is pursuing vigorously the programme for the rehabilitation of existing refineries, for us to enhance capacity to supply locally refined products to Nigeria and West Africa. This is a very key component of the national petroleum industry road map and the 2017 – 2020 Economic Recovery and Growth Plan,” the president said in his speech read by the official.
The Minister of State for Petroleum Resources, Ibe Kachikwu, said that the summit was set up “not only to energise the oil sector, but also to bring together our African brothers and sisters, who are looking to us for leadership in this sector.”
On the state of the oil and gas sector in Africa, the minister said, “Clean energy focus is beginning to make almost irrelevant the vast reserves of crude oil that we have on ground, unless we turn them into things that are clean.
“The challenge for oil companies operating here is the challenge for Nigerians in this sector can change. Historically, our business was to find the oil, sell it, put the foreign exchange in the hands of banks and move on. It’s got to be better than that now.
“Oil has got to provide work for our people, oil has got to provide the resource to power this country, oil has got to provide the operational environment that is transparent enough for others to take Nigeria serious, and oil has got to provide the technical and human skills.

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