Nigeria Ready To Provide Leadership For Africa In Oil Sector, Says President

Nigeria, Africa’s biggest crude producer, is open to investments and ready to provide leadership for the continent in oil and gas, President Muhammadu Buhari has said.
The President, who was speaking at the maiden Nigeria International Petroleum Summit (NIPS), in Abuja, Monday, said he would continue to ensure that efforts in the petroleum sector and issues related to transparency and efficiency were enforced so that investors will always feel at ease in Nigeria.
He said Nigeria is open to private investment in the downstream sector and pursuing vigorously a programme for the rehabilitation of existing refineries so as to enhance capacity to supply locally-refined petroleum products in Nigeria and West Africa.
He explained that NIPs is designed after the Offshore Technology Conference (OTC) in Houston to deepen and provide leadership for Africa and make it one of the most important annual oil and gas events globally.
According to Buhari, the summit will afford Nigeria a unique opportunity to showcase to the international community policy direction and efforts of government in the petroleum sector.
“Our effort in stakeholder engagement and stabilising the Niger Delta will continue to receive due attention to ensure sustainable level of production.”
“Corruption in this industry must not be allowed in any form. On our part, we will not stop the fight until a new image is created where transparency will be the watchword in all our transactions,” Buhari said.

Will private management of Nigeria's refineries be a success story?

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