The Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari, has urged investors from India and other countries to invest in Nigeria’s energy sector.
Kyari said this in his speech delivered at the Nigeria-India Business Forum held on Monday in Abuja.
Represented by the NNPC Ltd Chief Finance Officer, Umar Ajiya, he urged investors to take advantage of the vast opportunities in the energy sector to increase their investments.
He said with the implementation of the Petroleum Industry Act which was signed into law last year by President Muhammadu Buhari, Nigeria now has enabling environment for businesses to thrive.
Kyari explained further that with an asset base in excess of $60bn and with the largest gas reserves in Africa and 10th in the world, Nigeria remains a destination of choice for would-be investors.
He stated that Nigeria boasts of vast investment opportunities that any investor in the world can look for across the entire energy value chain.
He said, “Our focus at at NNPC Ltd is on gas development. The objective is to energize Africa and other countries, including India.
” Most importantly, the Petroleum Industry Act (PIA) today has created an enabling environment for us to thrive as a business.”
The Indian High Commissioner to Nigeria, Shri Gangadharan Balasubramanian said Nigeria is poised to play a critical role in international affairs due to current unfolding global realities and its immense natural resources as well as its policies.
India is Nigeria’s biggest trading partner in Africa, with trade volume of about $16.35bn in year 2020.
India is Nigeria’s leading investor, with a investment base of about $20bn.
About $10bn worth of oil is being imported from Nigeria into India and India also exports various items from agricultural products, to petroleum products, to pharmaceuticals, to textiles.
Tade and economic relations between India and Nigeria has been increasing as over 135 Indian companies are currently operating in Nigeria.