The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, has said that Nigeria’s oil and gas industry recorded $3 billion investment in five years.
Kyari stated this when he featured on a live television programme Good Morning Nigeria on Nigerian Television Authority(NTA) in Abuja, yesterday.
Kyari said of the $50 billion global oil and investment, Nigerian was only able to attract $3 billion, assuring that the Petroleum Industry Act (PIA) will further aid the country’s investment climate as more investors will now have confidence in the sector.
Kyari argued that the negative trend witnessed over the past years whereby Foreign Direct Investment (FDI) continues to elude the country will now become a thing of the past as the PIA will return investors confidence.
He said the PIA will eventually attract investments into the country because it has a regulatory framework that will ensure that gas development is focused on so that it is able to create prosperity for Nigerians.
The NNPC boss lamented that despite Nigerian being a country with the largest oil and gas reserves, critical oil and gas investment continues to elude it as a result of absence of oil and gas laws to guide investment decision.
He added that the PIA will return the trust of the international business community, particularly in the financial sector and the oil and gas sector, thereby making the country a business destination of choice.
‘‘Business people don’t care what you do as long as your rules and fiscal environment plays by the rule, they will scamper for investment’’.