Fidelity bank banner Bayelsa State banner
Nigeria oil, gas provide investments in excess of $50bn — Kachikwu

By Yetunde Bada on 02/05/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 749

•Petroleum Minister of State, Ibe Kachikwu.
•Petroleum Minister of State, Ibe Kachikwu.

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said economic growth plan recently launched by Federal Government would provide strategic and economic partnerships in excess of 50 billion dollars.

Kachikwu said this on Tuesday while wooing investors at an event organised in Houston, U.S., by the Nigerian Content Development and Monitoring Board (NCDMB).

He said: “The Federal Government of Nigeria has launched a National Economic and Growth Plan for the next four years.  This is anchored on the Nigeria Oil and Gas Roadmap among other sectoral roadmaps.

“This roadmap presents exciting opportunities for financial and strategic partnerships in excess of 50 billion dollars (about N1.58 trillion).

“About 13 billion dollars -17 billion dollars will go to the upstream for the development of upstream gas fields with a total of 37.4 trillion cubic feet.

“Fourteen billion dollars -17 billion dollars will go to the Trans-Nigeria gas pipeline project, gas revolution industrial park at Ogidigben and three power plants for additional 3.2 GW capacity in the gas and power sector”.

He added that 2.5 billion dollars – 5 billion dollars will be invested in licensing and establishment of modular refineries, collocate refinery within Kaduna Refining and Petrochemical Company (KRPC) and rehabilitating/upgrading the three refineries.

“In the downstream sector, about 3 billion dollars – 3.9 billion dollars will go to revamping of liquefied petroleum gas, building of new Compressed Natural Gas plants across the country and to pipeline and storage tank constructions.

“In addition, 0.7 billion dollars – 1 billion dollars will be invested in ventures such as equipment leasing, development of multi-specialist hospital and cancer diagnostic and treatment centres,” he stated.

Kachikwu assured investors on President Muhammadu Buhari’s stance that he would ensure that under his watch, the “old” Nigeria would slowly disappear while a new era would arise.

He also assured them of security and the new ease of doing business in Nigeria, adding that government had made progress on reforms in the sector.

“Part of progress made are the new policies and regulations like the new oil, gas and fiscal policies that are being developed and syndicated with all stakeholders and the Petroleum Industry Governance Bill.

“The Bill will be passed by National Assembly before end of the second quarter.

“It also includes business environment and investment drive, gas revolution including the gas flare commercialisation programme where investors are invited to submit detailed project proposals by end of May.

“Private sector-led revamp for refineries being pursued and framework for new Greenfield refineries, including modular refineries in place, and Niger Delta security and transparency and efficiency,” he said.

The minister said that the outcome of the meeting would be aligned to projects and funding opportunities, preliminary discussion on areas of potential collaboration and broad alignment on funding options.

The Executive Secretary of the NCDMB, Mr Simbi Wabote, in his address said that his desire was not to hold events but “to follow through on whatever decisions are made from such meetings to ensure development eventually.” (NAN)

Source News Express

Posted 02/05/2017 9:33 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Sani Bello stresses need for improved IGR, unfolds...

Lalong tasks public officials on regular medical check-up...

No shaking; we’ll ensure peaceful and successful 2015...

Relocate Boko Haram detainees from Ekwulobia prisons, community...

2019: Court rules April 25 on order of...

Buhari urges self-denial, sacrifice, patriotism of citizens in...

Are Nigerians bad citizens, who require bad leaders?...

Suicide bomber kills 14 in Borno, injures 24...

Nasarawa sacks 5 principals

‘Populist uprising’ looms in Europe over migrant crisis:...

Party funding: Rivers APC lambasts Amaechi’s critics

Road Closure: FRSC announces additional diversion on Sagamu...

 

Latest News BREAKING: Adeleke wins Osun PDP governorship ticket ‘Prophet’ arrested after failing to resurrect corpse Minister’s convoy in ghastly accident; one dead, 20 injured 4-month-old baby dies in Onitsha fire tragedy Atiku mobilises for PDP, says party will revive Nigeria’s economy, unify country Flood: 14 council areas in Anambra under threat ―NHSA Gunmen abduct Bayelsa House of Assembly aspirant Melaye to honour Police invitation 2019: Arochukwu endorses Ikpeazu for 2nd term Court restrains wife of Super Eagles star John Ogu from ‘fleeing’ with their daughter NSCDC Boss meets with CEOs of security firms, bags award FG to probe case of Nigerians stranded in Russia

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (363,667 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (359,234 views) Shameless Genevieve Nnaji exposes breasts in public (287,670 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (236,039 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (215,426 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (213,003 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (187,125 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (169,110 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,605 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,346 views) Lagos plane crash: Journalist releases victims’ names (148,123 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,220 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,364) Business Verdict (48) Columnists (890) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (616) Global Business Monitor (286) International (2,156) Interview (158) Live Commentary (28) Love Matters (127) News (37,346) Opinion (1,024) Pidgin (10) Politics (5,640) Religion (790) Sports (1,613) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigerian detainees send SOS from Osama prison

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement