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Nigeria attracts $5bn oil, gas investments in 5 years.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),Mr.Mele Kyari, has said that Nigeria’s oil and gas industry recorded $3 billion investment in five years.

Kyari stated this when he featured on a live television programme Good Morning Nigeria on Nigerian Television Authority(NTA) in Abuja, yesterday.

Kyari said of the $50 billion global oil and investment, Nigerian was only able to attract $3 billion, assuring that the Petroleum Industry Act (PIA) will further aid the country’s investment climate as more investors will now have confidence in the sector.

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Kyari argued that the negative trend witnessed over the past years whereby Foreign Direct Investment(FDI) continues to elude the country will now become a thing of the past as the PIA will return investors confidence.

He said the PIA will eventually attract investments into the country because it has a regulatory framework that will ensure that gas development is focused on so that it is able to create prosperity for Nigerians.

The NNPC boss lamented that despite Nigerian being a country with the largest oil and gas reserves, critical oil and gas investment continues to elude it as a result of absence of oil and gas laws to guide investment decision.

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He added that the PIA will return the trust of the international business community, particularly in the financial sector and the oil and gas sector, thereby making the country a business destination of choice.

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‘‘Business people don’t care what you do as long as your rules and fiscal environment plays by the rule, they will scamper for investment’’.

Source: sunnewsonline.com

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