The Federal Government,says it’s committed to creating an enabling environment for investment and innovation in the midstream and downstream sectors.
Minister of State,Petroleum Resources,
Heineken Lokpobiri stated this on Monday at the opening ceremony of the 47th Nigeria Annual International Conference and Exhibition (NAICE) 2024, held in Lagos
The Minister,who was represented at the event by the Permanent Secretary, Ministry of Petroleum Resources,Ambassador Nicholas Ella,said the government is working on policies and initiatives to attract local and international investments, foster technological innovation, and ensure regulatory compliance.
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He spoke on:”Optimizing The Petroleum Industry Value Chain:Embracing The Inevitability of Midstream and Downstream Development”
He hinted that one of the ministry’s key focus areas is the development of infrastructure to support the efficient transportation, processing, and distribution of petroleum products.
This,he said,includes the expansion and modernization of pipelines, storage facilities, and refining capacity to meet both domestic and international demand.
He added:”We are also prioritizing the adoption of digital technologies and data analytics to improve operational efficiency and decision-making processes in the industry.
“Furthermore, the Ministry is committed to promoting local content and capacity building to ensure that Nigerian companies and professionals play a leading role in the midstream and downstream sectors.
“We recognize the importance of developing a skilled workforce that can drive innovation and maintain the highest standards of safety and environmental stewardship”.
Also speaking,the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, assured of the company’s determination to grow domestic refining capacity, with adequate support for Dangote refinery and others private refineries in-country.
He said: “We are making efforts to ensure that the refineries come into operation so that we can improve our domestic supply of petroleum products, as we will support the other projects including the Dangote refinery and other refineries that are coming up. We have a duty to support them. Despite all the issues that you have seen in the media recently, we are ready to support these businesses,” he assured.
Kyari disclosed that there has been significant growth in investment decisions in the upstream and midstream petroleum sector, while several projects are currently in the offing.
He added that some of the contracting partners who have left the country are now coming back to Nigeria after seeing the new opportunities that new business environment offers
