Monday, Oct 26th 2020 6:41 AM

Market Digest Nigeria


Aiteo advocates robust fiscal framework for boosting oil & gas sector

The Group Managing Director, Aiteo Eastern Exploration and Production Company Limited, Mr Victor Okoronkwo said robust fiscal framework was key to boosting investors’ confidence in the oil, gas sector.


The Aiteo boss disclosed this while delivering a goodwill message at the ongoing Nigeria International Petroleum Summit, in Abuja, on Monday. The theme of the summit was: “Widening the integration circle: Technology, Knowledge, sustainability partnership”. “The imperative of success is depending on other factors like creating a stable operating environment as well as establishing robust regulatory and fiscal frameworks. “Key energy industry reforms will be critical in boosting investor’s confidence and attracting otherwise elusive investments into Nigeria. ” To put our current reality into perspective, in 2018 the Foreign Direct Investment to Africa rose 11 per cent to 46 billion dollars,” he said.

According to him, the FDI to Nigeria shrunk, 43 per cent to 2 billion dollars whilst Ghana received 3 billion billion. (ref. world investment report 2019). “This is in contrast to the vast hydrocarbon resource base. Nigeria is blessed with (largest oil and gas reserves in Africa),” he said. He expressed hope that deliberation at the summit would ponder on the burning issues. ”It is my firm belief that we will ponder on these burning issues with a view to articulating holistic solutions, the bedrock upon which the survival of our great country is hinged upon,” he added.

Also, the Director of Petroleum Resources, Mr Sarki Awalu said the summit remained an important assembly for the sector. He said that the summit would give opportunity for stakeholders to synergize and proffer solutions to challenges of the oil and gas sector. ” I am confident that the summit will achieve its objectives and will also articulate some of the issues raised by industry players,” he said.

Also, Mr Simbi Nwabote, Executive Secretary, Nigeria Content Monitoring Development Board (NCMDB) said that the summit had opened up so much opportunities for both local and international companies. He assured stakeholders that the board was ready to give all support to industry players to drive growth and development. ” Nigeria is open for business and our government is committed to it,” he said

NIPS is an annual Nigerian oil and gas conference. The 2020 edition, which is the third in the series, had Ministers of Energy from Congo and Equatorial Guinea, OPEC, International and local oil companies among others in attendance.

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