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Trump attends Nigeria’s oil roadshow

By Prince Okafor

Mr. Donald Trump, the President-elect of the United States will attend a roadshow being arranged by Nigeria to attract investment to the oil and gas sector.

Nigeria’s Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, said on Tuesday in Abuja when he unveiled the goals of the Ministry of Petroleum Resources for 2017.

“We are going to be seeking to attract investments and complete all the MoUs we have in China and India.

Trump

“We are looking to do a roadshow to the UK, we are looking to do a road show to the US with President Donald Trump coming in,’’ he said.

The Minister said Nigeria would exploit the relationship built by President Muhammadu Buhari in taking a road show to the UK and US.

Kachikwu equally pledged the readiness of the Federal Government to pass the Petroleum Industry Bill (PIB) and allocate oil blocks in 2017.

“We are going to accelerate Federal Government’s revenues, look into areas where we could have made more money, so as to support the 2017 budget financing.

“We are looking to draw on the relationship that the president has built over time. We are going to be conducting oil blocks allocations and marginal flow awards to try and raise money for the government,” Kachikwu said.

He assured that Nigeria’s refineries would be revamped to produce at 60 per cent capacity.

“We need to start the revamping of the refineries. The president has given us marching orders on that.

We still remain committed on our goal of 2018 to reduce importation by 60 per cent and 2019, stop the importation of petroleum products substantially.

“Now we are going to continue to focus on downstream issues. Although we have liberalised, there are still some challenges.

We are going to see how we work within the liberalisation infrastructure such that we are able to take away the low-hanging difficulties.

In a bid to substantially ensure a smooth transformation in the oil industry in 2017, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has said that the oil and gas sector will be run with a rocket pace.

The minister in his twitter handle, entitled the Nigeria Petroleum Sector 2017 Outlook, said that in 2017, activities will be sped up to achieve set goals.

“We are going to run at a rocket pace. We have so much to do. First we are going to firm up our policies, be able to gazette all our oil and gas policies and then pass the Petroleum Industrial Bill, PIB.”

He also said that the difficulties of 2016 served as a pointer to where the country is headed, adding, “Do not despair, do not lose hope, do not be frightened, do not wonder, rather be energized.

“We are going to accelerate Federal Government revenues, look into areas where we could have made more money, (as the Federal Government has been losing low hanging fruits), so as to support the 2017 financing.

“We are going to be singing to attract investments and complete all the memorandum of Understandings MoUs, both the one in China, and that of India.”

He also hinted that there will be a road show in the United Kingdom, as well as the United States, with President Donald Trump coming in.

On gas revolution, the minister said that, “Gas revolution will be key. First, we are going to track gas flare and commercialise it so that no more flare happen in this country. We have set a 2020 date for ourselves even though the international fora at the United Nation had set a 2030 date. We are very aggressive about this, we want to make money from flare,” he said.

Mr. Kachikwu also promised that the government will look at the gas infrastructure that are suffering, complete the investment and get gas in every part of the country because it is key to power delivery.

The minister said the nation has four times volume of gas than oil, adding that even though oil has contributed immensely to the nation’s growth, gas is the future. He explained that gas will provide power, clean energy, and day-to-day burning of fuel at homes.

“For so long we have pretended to be an oil producing nation and yes we were; but Nigeria really is a gas nation with a lot of substantial gift of oil.”

Speaking on the state of refineries, Kachikwu said, “We need to start the revamping of the refineries. The president has giving us a matching order on that. We still remain committed on our goal of 2018, reduce importation by 60 per cent and 2019 try and exit the importation of petroleum products substantially.

“Now, are going to continue to focus on downstream issues, although we have liberalised, there are still some challenges. We are going to see how we work within the liberalisation infrastructure such that we are able to take away the low hanging difficulties.

“We are also going to focus on the Niger delta. It’s been too long a lingering issue. We are going to be working with every aspect of the presidency to try and find solution to this.”

 


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