Business
THE Tinubu Media Volunteers (TMV), on Sunday, said the 6.7 billion dollars investments in the country’s energy sector in 2024 was commendable.
In a statement signed by Mr Chukwudi Enekwechi its Chairman, TMV noted that the investment inflow was a consequence of the incentives introduced by the President Bola Tinubu administration.
The group referenced a report titled, ‘Presidency Energy Sector Wrap-up 2024,’ released by Mr Olu Verheijen, the Special Adviser to the President on Energy.
“It is also observed that 5.5 billion dollars of the amount was invested in the oil and gas sector, while 400 million dollars was the federal government’s investment in the Presidential Metering Initiative.
“700 million dollars was channelled to the Clean Mobility and Clean Cooking Initiative.
“We also acknowledge that Shell has invested 5 billion dollars in the Bonga North Deep Offshore Project, which is the first green field deep offshore project in over ten years,” said TMV.
According to the group, the Bonga project will boost Nigeria’s oil production capacity by about 110,000 barrels per day.
“It is our view that the implication of these investments is a clear demonstration of investors’ confidence in the Nigerian oil sector and also shows that the sector is stable and conducive for large-scale investments.
“We are also aware that several local investors have been showing interest in unlocking opportunities in the onshore fields with multi-billion naira acquisitions and investments in recent months,” it added.
According to the group, with the new investments in the upstream sector, Nigeria now has the capacity not only to meet its OPEC quota but to exceed it as production will peak at about 2.06 million barrels per day.
The group said the new investments would boost the country’s revenue profile and production capacity.
It noted that the investments were enabled by the various executive orders signed by the President, which included the oil and gas Companies (Tax incentives, Exemption, Remission, etc) order 2024 and the Presidential Directive on Local Content Compliance Requirements 2024.
It said another notable executive order was the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines 2024.
“These proactive measures by the President have greatly impacted the oil and energy sectors in general coming with a renewed interest by local and foreign investors in the country,” it added.
The group also expressed optimism about more investment inflow into the energy sector in 2025. (NAN)
A.I
Jan. 27, 2025
Tags: Mr Chukwudi Enekwechi Mr Olu Verheijen Tinubu Media Volunteers
