Home Business Energy Oil&Gas sector: How FDI to Nigeria declined by 43% to $2bn

Oil&Gas sector: How FDI to Nigeria declined by 43% to $2bn

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. Robust fiscal framework key to boosting investors’ confidence, says Aiteo boss

By Temitope Adeoluwa

Despite being blessed with the largest oil and gas reserves in Africa, the Foreign Direct Investment (FDI) to Nigeria shrunk by 43 per cent to two billion dollars whilst Ghana received 3 billion.  World investment report for 2019 revealed.

Although, the Group Managing Director, Aiteo Eastern Exploration and Production Company Limited, Mr Victor Okoronkwo, while delivering a goodwill message at the ongoing Nigeria International Petroleum Summit, in Abuja on Monday, explained that robust fiscal framework was key to boosting investors’ confidence in the oil, gas sector.

Commenting on the shrink in the nation’s FDI, he said that the 2019 FDI figure was in contrast to Nigeria’s vast hydrocarbon resource base.

 “The imperative of success is depending on other factors like creating a stable operating environment as well as establishing robust regulatory and fiscal frameworks.

“Key energy industry reforms will be critical in boosting investor’s confidence and attracting otherwise elusive investments into Nigeria.

“To put our current reality into perspective, in 2018 the Foreign Direct Investment to Africa rose 11 per cent to 46 billion dollars,” he said.

GMD, Aiteo Eastern Exploration and Production Company Limited, Mr Victor Okoronkwo

He expressed hope that deliberation at the summit would ponder on the burning issues.

” It is my firm belief that we will ponder on these burning issues with a view to articulating holistic solutions, the bedrock upon which the survival of our great country is hinged upon,” he added.

Also, the Director of Petroleum Resources, Mr Sarki Awalu said the summit remained an important assembly for the sector.

He said that the summit would give an opportunity for stakeholders to synergize and proffer solutions to challenges of the oil and gas sector.

“I am confident that the summit will achieve its objectives and will also articulate some of the issues raised by industry players,” he said.

Also, Mr Simbi Nwabote, Executive Secretary, Nigeria Content Monitoring Development Board (NCMDB) said that the summit had opened up so many opportunities for both local and international companies.

He assured stakeholders that the board was ready to give all support to industry players to drive growth and development.

“Nigeria is open for business and our government is committed to it,” he said

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