Nigeria is Africa’s biggest oil producer with a massive investment potential in oil
JOHANNESBURG, South Africa, WED, MARCH 20 2019-theG&BJournal-Centurion CEO and Executive Chairman of the African Energy Chamber (EnergyChamber.org), NJ Ayuk, is leading an industry delegation to Nigeria this week to meet various oil industry players.
On landing in Lagos, he called for more industry collaboration on key issues pertaining to Nigeria’s oil & gas industry, including local content development, the signing of the Petroleum Industry Bill, the promotion of a better enabling environment for start-ups and SMEs, monetizing gas for domestic use, investing massively in energy infrastructure and building a robust petrochemical industry whilst ensuring that energy security is placed as a high priority agenda by both the Nigerian government and the country’s oil industry.
This notably involves the signing of the Petroleum Industry Bill. Nigeria is Africa’s biggest oil producer with a massive investment potential in oil but also gas. In this regard, the Chamber’s delegation notably highlighted the importance for both the government and key stakeholders in the oil industry to immediately collaborate to improve governance and create an enabling environment for investment.
“The Chamber continues to be bullish about the potential of Nigeria and the investment opportunities for energy industry players here,” declared NJ Ayuk. “Many young Nigerians look at the energy industry for training, empowerment, innovation, and not just any job but good jobs. The oil industry is going to continue being the largest investor in the country and recognizes its responsibility to work with all Nigerians to ensure that the resources benefit every Nigerian and the dignity of work becomes real. Passing pro-growth legislation that incentivizes growth and provides confidence to all investors is important,” added NJ Ayuk.
The Chamber further recognized the success of Nigeria’s local content development, which has enabled the creation of strong Nigerian exploration, production and services companies that can truly be part of an African content revolution across the continent. As such, it will continue working with Nigerian officials to attract investment into Nigeria and push for skilled Nigerian entrepreneurs to expand across Africa.
“At the African Energy Chamber we are seeing a great number of Nigerian companies seeking to expand across Africa, including Senegal, Ghana, Equatorial Guinea, Gabon, Congo and South Sudan,” added NJ Ayuk. “We need to encourage African companies to take the lead in the development of the continent’s oil & gas industry.”
In various meetings with oil and gas entrepreneurs in Lagos, NJ Ayuk also urged them to make an effort to participate in the APPO Cape VII Congress & Exhibition in Malabo on April 1-5 and in the 13th German-African Energy Forum in Hamburg on March 27-28. African companies, and especially African entrepreneurs and SMEs, tend to be under-represented on the international stage, where decisions are made that affect them. Indigenous African companies also need to take advantage of the amazing growth and business opportunities provided by such international platforms.-APO Group.
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