How government reforms are reinvigorating investment in Nigerian oil

It's clear that for the Nigerian oil and gas sector to attract further investment - both at home and from abroad - it's vitally important that we create an industry that is robust and transparent in the way that it is funded, regulated and structured. Our national government has already made great progress in this area and - combined with increased stability in some of the more volatile oil-producing areas - it seems that investment is on the way up in our sector. And while there is still much work to be done, we can be proud of the changes that have already been made. A framework for change One of the most fundamental pieces of governmental reform in this area has been the Petroleum Industry Governance Bill (PIGB). The bill – which was passed by our nation's senate on 25 May last year – has gone a long way towards introducing a new legal framework for the country's oil and gas...
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Why investment in domestic refining is crucial

While it's clear that our country has huge potential in terms of our vast reserves of oil and gas, there are number of areas where we are still being held back. Thanks to the vision of our government it's true that a great deal of progress has been made in terms of regulation and legislation in the sector, which has helped to create more stable and transparent domestic industry - but there is still much work to do in terms of the actual infrastructure that supports it. That gas flaring still occurs in some areas is a real sign of this lack of investment, and is also indicative of a need to build on our domestic processing capabilities. The message is clear - for our industry and our economy to grow, and for us to fully realise the potential of our oil and gas resources, we need to invest in our refineries. "More refining capacity will allow our nation to generate...
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What are the implications of a strategic partnership with the US?

Investment in our nation's oil and gas industry is always welcome - but the recent announcement that the United States government will try to encourage more of its businesses to get involved in our sector is great news. As one of the world's leading players on the international oil and gas market, more investment and involvement by American films should have a positive and lasting impact on our country's domestic industry. Proof of potential "The recent statement by the United States administration is a huge vote of confidence - not just in our country's oil and gas sector, but in the talent and ability of our domestic workforce," says our Chairman, Onajite Okoloko. "The interest shown so far by US companies in terms of investing in our country is proof of the huge potential that we have in Nigeria - and of the great deal of progress that has been made to make our indigenous oil and gas industry more attractive to...
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A response to the amendment to the NLNG (Fiscal Incentives, Guarantees and Assurances) Act

Confidence matters - particularly in the world of finance. It is what drives investment in our businesses, and it is absolutely key to growing and diversifying our country’s oil and gas sector. So, that is just one reason why the recent amendment to the NLNG (Fiscal Incentives, Guarantees and Assurances) Act by the National Assembly is so hugely troubling - because it sends out a worrying message to both potential and existing investors in Nigeria’s domestic oil and gas industry. Investor confidence To understand why, it’s worth taking a step back to look at the reasons behind the change. The current amendment to the act aims to compel The Nigeria Liquefied Natural Gas Limited to pay 3 per cent of its total annual budget to the Niger Delta Development Commission (NDDC) Fund. In response, the company says that being compelled to make the payment will worry international investors, because it appears to renege on a number of previous commitments by the government to...
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Strength through diversification – why a focus on domestic refining and gas can help our country grow

As a nation, we have a huge amount of potential. Consider the resources we have available - not just in terms of the huge wealth of natural resources such as oil and gas, and over 300,000 square kilometres of arable land, but also in terms of our human potential and talent. We have a population of over 177 million and a demographic that is heading in the right direction in terms of growing our economy for the future. We are innovative, hard-working and talented - but there are still a number of big issues holding our nation back. “For a country with our wealth of resources to be so dependent on foreign imports - both in terms of products and expertise - is hugely damaging,” says our Chairman, Mr Onajite Okoloko. “As a nation we need to make sure that we are taking our future into our own hands, by investing internally in the infrastructure and institutions that will drive sustainable...
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