How PIA long wait cost Nigeria $50bn worth of investments – Sylva
The Chief Executive Officer of Nigerian National Petroleum Company (NNPC), Mele Kyari, has disclosed plans to construction 950 more fuel retail outlets as part of the company’s comprehensive expansion plan before 2023.
Kyari announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country.
Speaking during the unveiling of the company on Tuesday, he assured stakeholders and the global energy community that the new company was endowed with the best human resources one can find anywhere in the industry.
‘‘NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,’’ he said.
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On his part, the Minister of State for Petroleum Resources, Timipre Sylva, said that with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.
‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only 4 percent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.
‘‘We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us,’’ he said.
Sylva further described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.
