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Thursday, October 30, 2014
Nigeria needs an additional $100 billion in investment to achieve a production target of 4 million bpd by 2020 according to the SPE, Nigeria Council. The council also said that the overly long-delayed PIB would need to be passed to overcome the industry’s funding challenge.
A communiqué issued signed by the council’s chairman, Bernard Oboarekpe, added that indigenous companies should look towards the capital market to raise the huge capital required for expected industrial growth and expansion. He said: “Indigenous oil and gas players should be encouraged by government, through the creation of an enabling fiscal, regulatory, and administrative framework for easier access to foreign capital, to aid their development.”
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