dark

NNPC Ltd calls for development of institutions to finance energy projects 

(Credit: Oil and Gas Advancement)

By Tochukwu Bliss, Abuja

The Nigerian National Petroleum Company Limited (NNPC Ltd) has called for the establishment of more local institutions in Nigeria and Africa with capacity to provide funding for energy projects to tackle energy poverty.

The Chief Financial Officer (CFO), NNPC Ltd, Umar Ajiya, made the call at the ongoing 23rd Nigeria Oil Gas Conference and Exhibition (NOG Energy Week) in Abuja on Wednesday.

Speaking at a panel session themed: “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand,” the CFO argued that in the face of the reluctance by global financial institutions to finance oil and gas projects as a result of environmental concerns, there is a need for the development of more institutions like Afreximbank and the proposed Africa Energy Bank to finance energy infrastructure projects.

He further noted that the key to resolving the paradox of endemic energy poverty in the midst of abundant energy resources in Nigeria is to create an enabling environment to aggressively attract investment into the energy sector.

He listed the passage of the Petroleum Industry Act (PIA) and the recent enactment of three Executive Orders in the sector by the President as practical steps by the Federal Government to provide fiscal incentives required to attract investment.

…the key to resolving the paradox of endemic energy poverty in the midst of abundant energy resources in Nigeria is to create an enabling environment to aggressively attract investment into the energy sector.

Mr. Ajiya also contended that the task of creating an investor-friendly environment was not for the government alone.

This, he said, involves every citizen from the Immigration and Customs officers who welcome prospective investors at entry ports to the driver, who conveys them to hotels and meeting places as well as the media and the judiciary, by their respective conduct, influence investors’ perception of the country.

“There’s room for everyone to make sure that investment comes back to Nigeria,” he declared.

The CFO listed Gwagwalada, Kaduna, and Kano Independent Power Plants as some of the key energy projects in the stable of the NNPC that investors can take advantage of.

Other members of the panel, which was moderated by the Group Head, Energy, First Bank, Ms. Oluwatoyin Aina, included: the President, African Export-Import Bank, represented by the Regional Chief Operating Officer, Anglophone West Africa, Eric Intong; and Executive Director, Midstream and Downstream Gas Infrastructure Fund, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)), Oluwole Adama.

Others were Managing Director, Energy and Natural Resources, Standard Chartered, Ade Adeola; Vice President, Investment, Africa Finance Corporation (AFC), Ms. Taiwo Okwor; and the Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion Commission (NIPC), represented by the Deputy Director, Policy Advocacy, Abayomi Salami.   

Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

NCDMB unveils procedures to drive local content implementation

Next Post

Commission expresses concern over FG’s plan to fund food palliatives in states

Related Posts
Total
0
Share