The Federal Goverment, has said that security and Niger Delta development investments are key focus areas for the administration as it seeks to increase oil production in the country.
This was stated by the Special Adviser On Energy to President Bola Ahmed Tinubu Ms. Olu Verheijen.
According to her, the government has received feedback from oil investors at the conference on the need to tackle insecurity (crude oil theft) in the Niger Delta region as well as ensure that there is development in the region, to provide employment alternatives for the young population to safeguard oil and gas assets in the region.
Ms. Verheijen said the Tinubu administration is going to be defined by how investor-friendly it is. This is because it is the deployment of private capital that unleashes economic growth and creates employment.
She also said the government was working on reducing gas flares and reducing energy emissions so they can attract capital.
“If it takes 6 weeks to 3 months to execute projects in other regions, and takes you four years in your environment, no one is going to deploy capital, that is within your control, and so we are taking on the things that are within our control so we can become competitive for capital.”
Ms. Verheijen also stated that natural gas is a key energy source for Nigeria to grow its energy consumption to respond to the impacts of climate change and it will be done responsibly.
She also said that more work around security will enable associated gas to become more available.
According to her, the administration is engaging oil and gas investors who are already operational in Nigeria before attracting new investors, this is because it is important to know what they have in mind.
She said the engagements have resulted in the $55 billion dollar worth of investments that they have lined up.
