How We’re Driving Investment In Nigeria’s Oil Industry – Baru

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Thursday, spoke on the sideline of the ongoing OPEC International Seminar in Vienna, Austria.

Mr Baru, who served as one of the panellist’s at a round-table attended by key oil and energy players, delivered a speech on Investment in the Nigeria Oil Industry.

The NNPC GMD outlined the benefits that oil investors stand to gain by investing in the country’s oil sector.

Baru said the current administration of President Muhamadu Buhari has tackled issues bordering on policy instability, environmental problems, and insecurity that have hitherto discouraged investors from looking the way of the country.

He equally revealed how the current NNPC management was able to get communities in the oil-rich Niger Delta to cooperate with the Federal Government as well as oil companies and stakeholders.

According to Baru, investors have been cooperating in the upstream to give the oil sector the boost that it requires.

“We have had about 3.6bn in investment. The PIB has been passed. We broke it into four and one has been passed,” said the NNPC GMD.

Baru added that “The downstream holds the future. We are looking at revamping our refineries and calling on investors to come open new refineries. We are also looking at job creation.

“We are ensuring that we keep the sanctity of contracts. Every investor that comes must be given the right framework to operate,” he said.