- President Muhammadu Buhari has opined that the rise of crude oil prices in the global market will help Nigeria's economy
- The president noted that the country can take advantage of the present market realities, especially as it has passed the Petroleum Industry Act (PIA)
- Moreover, Buhari noted that like many developed nations around the world, Nigeria has adopted gas as its transition fuel
The rising crude oil prices, according to President Muhammadu Buhari, constitute a massive opportunity for Nigeria considering the passage of the Petroleum Industry Act (PIA).
President Buhari made this submission during the 5th Nigeria International Energy Summit (NIES) on Monday, February 28, in Abuja where he noted that the smooth conclusion of the marginal fields bid round gives the country the opportunity to speed up its fossil fuel exploitation for economic development.
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He explained that his administration, to take advantage of this situation, made it a point of duty to implement the PIA, Leadership reports.
In his statement seen by The Nation, he said:
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”Crude oil prices are on the rise again after turning negative in April 2020. It is a great opportunity for us as a country.
“With the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.
“There is now a level of certainty for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry has been addressed by the Act.”
Speaking further through the minister of state for petroleum resources, Chief Timipre Sylva, Buhari disclosed that in line with the international community's position to favour cleaner sources of energy, Nigeria has adopted gas as its transition fuel.
He revealed that this resolve influenced the federal government’s Decade of Gas Initiative, aimed at transforming Nigeria into a gas-based nation.
Nigeria’s economy increases by 3.40% in 2021, strongest growth under President Buhari: Here is how it happened
Nigerian economy for the first time in seven years and under the administration of Buhari was ending the year with economic growth of 3 percent.
The National Bureau of Statistics (NBS) released its latest GDP report for the fourth quarter on Thursday, 17 February 2022, revealing that Nigeria's economy increased by 3.4 percent in 2021.
According to the report, the GDP also posted a strong recovery of 3.98 percent in the fourth quarter of 2021 — but lower than the 4.03 percent in the third quarter.