Kachikwu: Nigeria’s oil, gas provide investments in excess of $50bn

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said economic growth plan recently launched by the Federal Government would provide strategic and economic partnerships in excess of $50 billion.
Kachikwu said this on Tuesday while wooing investors at an event organised in Houston, the United States (U.S.), by the Nigerian Content Development and Monitoring Board (NCDMB).
He said: “The Federal Government of Nigeria has launched a National Economic and Growth Plan for the next four years.  This is anchored on the Nigeria Oil and Gas Roadmap among other sectoral roadmaps.
“This roadmap presents exciting opportunities for financial and strategic partnerships in excess of $50 billion (about N1.58 trillion).
“About 13 billion dollars -17 billion dollars will go to the upstream for the development of upstream gas fields with a total of 37.4 trillion cubic feet.
“Fourteen billion dollars -17 billion dollars will go to the Trans-Nigeria gas pipeline project, gas revolution industrial park at Ogidigben and three power plants for additional 3.2 GW capacity in the gas and power sector”.
He added that 2.5 billion dollars – 5 billion dollars will be invested in licensing and establishment of modular refineries, collocate refinery within Kaduna Refining and Petrochemical Company (KRPC) and rehabilitating/upgrading the three refineries.
“In the downstream sector, about 3 billion dollars – 3.9 billion dollars will go to revamping of liquefied petroleum gas, building of new Compressed Natural Gas plants across the country and to pipeline and storage tank constructions.
“In addition, 0.7 billion dollars – 1 billion dollars will be invested in ventures such as equipment leasing, development of multi-specialist hospital and cancer diagnostic and treatment centres,” he stated.
Kachikwu assured investors on President Muhammadu Buhari’s stance that he would ensure that under his watch, the “old’’ Nigeria would slowly disappear while a new era would arise.
He also assured them of security and the new ease of doing business in Nigeria, adding that government had made progress on reforms in the sector.
“Part of progress made are the new policies and regulations like the new oil, gas and fiscal policies that are being developed and syndicated with all stakeholders and the Petroleum Industry Governance Bill.
“The Bill will be passed by National Assembly before end of the second quarter.
“It also includes business environment and investment drive, gas revolution including the gas flare commercialisation programme where investors are invited to submit detailed project proposals by end of May.
“Private sector-led revamp for refineries being pursued and framework for new Greenfield refineries, including modular refineries in place, and Niger Delta security and transparency and efficiency,” he said.
The minister said that the outcome of the meeting would be aligned to projects and funding opportunities, preliminary discussion on areas of potential collaboration and broad alignment on funding options.
The Executive Secretary of the NCDMB, Mr Simbi Wabote, in his address said that his desire was not to hold events but “to follow through on whatever decisions are made from such meetings to ensure development eventually”.