The Nigeria’s oil industry will soon receive a boost with a US$50 billion investment that’s expected to come November.
Of this figure, one investor will be investing US$20 billion, a development considered as one of the several ways the Bola Ahmed Tinubu administration is ramping up the nation’s industrialisation process.
Minister of State Petroleum Resources (Oil) Senator Heineken Lokpobiri said this Tuesday during a parley with journalists in Abuja.
He said: “The mandate from Mr. President when we came on board was ‘go and do more.’ When I came in, we were doing about one million barrel (crude) per day, and just in one year, we are now doing 1.7million. Our target is 2.5million and above. We need to get more forex for government to invest more in its programmes.”
He said Africa would always argue that the issue of climate change should not be a reason the continent will not increase its oil production.
“We are victims because 3% of global emission is in Africa. We must use fossil fuel to further industrialise.UK just gave new licenses for oil exploration. Just like they are investing in UK, Norway, investors are also coming to Nigeria. Investors were not coming before we came.
“Now, I can boldly tell you that we are expecting investments worth of US$50 billion. Of this amount, one investor is investing at least US$20billion. This is going to be between now and the middle of November. We have asked them, what do you want us to do to make the right impact,” the minster said.
“Shell alone has an investment profile of US$20billion. Exxon greed to an investment profile of US$10billion during the Vice President’s visit to the US. Look, our ambition is to ramp up production to 2.million/3million barrels per day. It is realisable, so we will need your support,” he added.
The minister explained the return of relative peace to the oil-producing areas, saying this was the major reason for an upsurge in production.
He said: “One thing I have enjoyed since coming on board is the relative peace in the oil-producing communities. We will ensure we sustain that in the interest of both the country and the communities. We are not where we ought to be , but we have made substantial impact in the area of oil theft. The president needs you(media) now. There is so much negativity in Europe , but they won’t show it. We have Ajegunle (a notorious part of Lagos) in Europe. Please help us, the success of the upstream is a condition precedent for mainstream and downstream.
“Before now, investments were down because of several reasons you all know. Local content application was misapplied. Local content was not a substitution for the multilaterals. No local content can go deep shore. Nigerians should know we are not the only people who discovered oil. President Tinubu is leading Nigeria at this particular time to ensure those service providers return.”
On deregulation of the oil industry, the minister recalled this was a major campaign issue among all contenders for the nation’s presidency, saying it would be unfair of anyone to now politicise this.
He said: “Deregulation was a major campaign issue. Atiku, Obi, all said they were going to deregulate the industry. So, it didn’t start with this administration, no provision for subsidy in the budget before the administration came on board. The truth is that subsidy is no longer sustainable. The spirit is willing but the body is not willing. Just like a cripple in the wheelchair, he wants to stand up but the body won’t allow him.”