Nigeria: Minister Unveils $130bn Investment Plan for Oil Industry
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Thursday, 08 December 2011 |
Nigerian Minister for Petroleum Resources, Diezani Alison-Madueke, this week unveiled a $130 billion investment plan for the sustainable growth and development of Nigeria’s oil and gas sector over the next five years.
Speaking at the 20th World Petroleum Congress in Doha, Qatar, Alison-Madueke said that the investment plan was designed to promote the rapid flow of foreign investments into the Nigerian oil and gas industry and to develop in-country capacity.
“I can assure you that Nigeria is entering a new phase in the oil and gas industry which is anchored on the principle of using local content to achieve growth, develop in-country capacity as well as attract foreign investment,” she said.
“We have put in place all the machinery necessary to facilitate explosive growth across all stratas of the petroleum industry from downstream to midstream and upstream. There is an established enabling environment for investment and we are continually evolving to adapt to the challenges of the time,” added Alison-Madueke.
PetrolWorld 08122011
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