- Post by Admin on sunday, March 05, 2015
Nigeria would be expecting about $40bn worth of oil investments in the next five years, the Minister of State for Petroleum Resources, Ibe Kachikwu, announced on Monday. He also stated that the country’s refineries were currently producing at 14 per cent capacity, stressing that oil firms operating in the nation would not be allowed to ship out all the crude they produce without refining some locally in the near future.
Kachikwu, who spoke at the ongoing Nigerian International Petroleum Summit, further stated that the funding capacity for the upstream oil sector had been changed in the past two years. The minister said, "There are major plans; everywhere you look, there are opportunities in the oil sector.
What have we achieved since the launch of the 7Big Wins two years ago? We have been able to, through a lot of struggle, change the funding capacity for the upstream and that had sort of energised investors in the upstream sector.
Photo Caption: Minister of State for Petroleum Resources, Ibe Kachikwu