Rising crude oil prices great opportunity for Nigeria, Says Buhari

President Muhammadu Buhari says rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act, (PIA).

The President stated this in Abuja yesterday, while declaring open the 5th Nigeria International Energy Summit, (NIES).

The summit has as its theme: “Revitalising the Industry: ” Future Fuels and Energy Transition”.

Global crude oil prices went up to $104 per barrel yesterday following the ongoing hostilities between Russia and Ukraine.

Represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, President Buhari noted that the summit had been of great value in terms of policy input for the government as well as business development resources for the private sector.

According to him, ”Crude oil prices are on the rise again, after turning negative in April 2020. It is a great opportunity for us as a country.

“With the Petrol Industry Act, (PIA) in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA”.

Buhari further said that to demonstrate the government’s seriousness, the administration did not waste time with the implementation of PIA.

The president further told the summit that Nigeria had adopted gas as its transition fuel as the world moves towards cleaner sources of energy.

He said this informed the administration’s Decade of Gas Initiative, which aims to transform Nigeria into a gas-based industrialised nation through enhanced and accelerated gas revolution.

The president also said Nigeria was prepared to face the global demand for cleaner energy sources with the enactment of PIA, successful completion of the 2020 marginal oil fields bid round, and the decade of the gas initiative.

“Given the country’s potential of about 600 trillion cubic feet, natural gas has the enormous potential to diversify and grow Nigeria’s economy”, the president stated.

Global energy leaders are discussing the way forward and strategies for the management of Africa’s huge energy resources at the summit.

The summit, which opened on Monday, will end on March 3.

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