ABUJA, FEBRUARY 20, 2018 – The Minister of State for Petroleum, Dr. Ibe Kachikwu, said on Monday in Abuja that Nigeria will grow local investments and shareholdings of its oil and gas industry to 50% within the next 10 years, THISDAY reports.
Speaking at the inaugural Nigerian International Petroleum Summit (NIPS), which kicked off Monday, the minister explained that the country needed to move away from just exploring and mining crude oil to processing it completely.
He said; “My target is that over the next 10 years, Nigeria would produce an FPSO, and that is not too much to ask. My target over the next 10 years, Nigeria would become self-sufficient in its own power provision. And over the same period, from crude oil, Nigeria would gravitate, as it were, to very refined, clean provision of fossils.”
“My target is that over that same period, investment in the sector, in the sense that Nigerian companies, Nigerian entities and Nigerian shareholders, would begin to move from the minuscule 10% today, to between 40 and 50% of local investments.”
He said there are major plans to achieve these objectives using the ‘Seven Big Wins’ oil policy of the government, and that the oil sector has not lacked the opportunities to make these happen.
