…Nigeria key destination for sustainable investments – Tinubu
The Secretary General of the Organization of the Petroleum Exporting Countries, Haitham Al-Ghais, has said the organization’s commitment to unlocking Africa’s full oil potential remains a top priority.
Speaking during the opening ceremony of the eighth edition of the Nigerian International Energy Summit on Tuesday in Abuja, Al-Ghais stated that the event perfectly reflects OPEC’s mission to link global investors with Africa’s untapped energy resources.
Al-Ghais said, “I would like to congratulate the organizers for selecting such an important theme, one that aligns closely with OPEC’s objectives.
“Unlocking the full potential of this great continent is an utmost priority for OPEC, and we will continue to work closely with the Nigerian government and our other African members to achieve this goal.”
Al-Ghais highlighted the strong and enduring relationship between OPEC and Africa, noting that half of OPEC’s member countries are from the continent, including Nigeria, the most populous African nation, and Algeria, the largest in geographical size.
He emphasised the significant oil reserves Africa holds, with proven reserves amounting to approximately 120 billion barrels.
He noted that the vast and plentiful resources at our disposal should not be disregarded or neglected merely to accommodate the energy transition agenda pushed by Western nations
The Secretary-General also underscored the importance of long-term stability in the oil market, which is a key focus of OPEC’s mission. “The investment needs of the oil industry are substantial, with cumulative requirements amounting to $17.4tn by 2050. This is why stability in the oil market is essential for investors to plan effectively,” he added.
Similarly, the Group Chief executive officer of the Nigerian National Petroleum Company Limited, Mele Kyari, stated that given the abundant resources in Nigeria, the federal government’s $1tn economy target has become less ambitious and should be revised upwards.
According to him, Nigeria is a major producer of petroleum products in Africa, placing it in an advantageous position to grow its economy beyond the $1tn target.
He said, “Oil will be here even by 2050, contributing to over 29 per cent of the global energy mix and increasing demand of at least 100 million barrels of oil, even by 2050, so oil and gas will be here. And we understand this, and we know the significance but it must be connected globally, and that’s why the world recognizes Africa as the next destination providing greater support to the energy markets.”
In his remarks, the Permanent Secretary of the Ministry of Petroleum Resources, Nicholas Ella, explained that Nigeria is focused on leveraging its vast natural gas resources as a feedstock for blue hydrogen while exploring green hydrogen opportunities powered by renewables.
Nigeria key destination for sustainable investments-Tinubu
President Bola Tinubu in his speech declared Nigeria’s oil and gas sector as a key destination for sustainable investments, full of opportunities driven by extensive reforms aimed at fostering a business-friendly environment.
He said the opportunities are driven by an improved regulatory environment and strategic initiatives aimed at attracting all kinds of investors.
He noted that the government has worked to remove impending barriers by simplifying the nation’s tax regulations, offering incentives and ensuring a transparent and predictable fiscal framework.
The president, who was represented by Doris Uzoka-Anite, minister of state for finance, explained that the government’s efforts to expand power generation and improve transmission infrastructure also offers investment opportunities in both conventional and renewable energy sources.
Tinubu also highlighted the importance of the ongoing tax reforms, stressing that it would attract both local and international investors.
