Minister of State, Petroleum Resources (Gas) Ekperikpe Ekpo, has said the policies and programmes initiated and being implemented by the President Bola Tinubu’s administration had created a conducive environment for investment in the oil and gas sector of the nation.
He spoke in Abuja at the ongoing 23rd Annual Nigeria Oil & Gas (NOG) Energy Week Conference and Exhibition. The minister said that the ministry was particularly focused on promoting gas-based industries such as fertilisers, petrochemicals, and methanol.
According to him, these industries not only diversify the nation’s economy but also create significant employment opportunities. Ekpo stressed that by showcasing these prospects at forums like this conference, the aim is to attract global attention and encourage partnerships that can drive growth and development.
He said: “Investment is the lifeblood of the oil and gas sector. The Ministry has been instrumental in implementing reforms that make Nigeria an attractive destination for both local and international investors.
The Petroleum Industry Act (PIA) 2021 and the recent Presidential Directive for Oil and Gas Companies on Tax Incentives, Exemption, Remission, etc. by, President Bola Ahmed Tinubu, have created a conducive environment for investment.
These reforms ensure transparency, accountability, and regulatory certainty, making Nigeria an attractive destination for investors.
The regulatory frameworks now in place incentivize investment, streamline bureaucratic processes, and provide clarity on fiscal terms. “A key initiative under our investment strategy is the Midstream and Downstream Gas Infrastructure Fund (MDGIF).
The MDGIF is designed to catalyze investments in critical infrastructure projects in the midstream and downstream value chain. By addressing infrastructure gaps, we can significantly enhance the efficiency and reliability of our gas supply chain.
“The theme of this year’s conference, “Showcasing Opportunities. Driving Investment. Meeting Energy Demand”; perfectly aligns with the Ministry’s vision and objectives.