United States President-elect, Donald Trump, will attend an investment roadshow for Nigeria’s oil and gas sector scheduled to hold in the US.
Donald Trump Set To Attend Nigeria's Oil And Gas Road Show
The Sun reports that Nigeria’s minister of state for petroleum, Mr Ibe Kachikwu, made the disclosure and explained that the roadshow is being organised as part of efforts to attract investment to Nigeria’s oil and gas sector.
Kachikwu while unveiling his goals and those of the Ministry of Petroleum Resources for 2017 in Abuja, said:
“We are going to be seeking to attract investments and complete all the MoUs we have in China and India. We are looking to do a roadshow to the UK, we are looking to do a roadshow to the US with President Donald Trump coming in.’’
The petroleum minister said Nigeria would exploit the relationship built by President Muhammadu Buhari in taking a roadshow to the UK and US. while also assuring the nation of the federal government’s readiness to ensure the passage of the Petroleum Industry Bill (PIB) and allocate oil blocks in 2017.
“We are going to accelerate Federal Government’s revenues, look into areas where we could have made more money, so as to support the 2017 budget financing.” Kachikwu said.
He assured that Nigeria’s refineries would be revamped to produce at 60 per cent capacity.
“The president has given us marching orders on that. We still remain committed on our goal of 2018 to reduce importation by 60 per cent and 2019, stop the importation of petroleum products substantially,” he said
Kachikwu praised Nigeria’s “influential role” in stabilising oil prices, saying he expects oil to trade in the $60s for the better part of 2017.
A stable crude oil price at above $60 coupled with peace in the Niger Delta region is expected to significantly help Nigeria attain some balance in its budget as Nigeria’s oil and gas sector remains a most crucial component of its economy.