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Nigeria attains 50 % reduction in gas flaring

01 August 2012, 07:34

 London - Mrs Deziani Alison-Madueke, the Minister of Petroleum said on Tuesday that Nigeria has attained more than 50 per cent reduction in gas flaring.

Alison-Madueke said this at the ongoing High Level Trade and Investment Summit on Nigeria organised by the Bank of Industry (BOI) in collaboration with the Nigeria Olympic Committee (NOC) on the sideline of 2012 London Olympics.

Alison-Madueke,who gave an overview of the current investment opportunities in the downstream oil and gas sector, said that the government would soon move into Greenfield refineries.

She said that the government had earmarked 500 million dollars and 8 billion dollars for engineering designs and fabrication construction respectively for the next five years.

The minister, who also gave holistic overview of the components of the Petroleum Industry Bill (PIB) 2012, assured investors that within the next three to four years, government would withdraw its participation from the sector.

Dr Ngozi Okonjo-Iweala, the Minister of Finance said that the country's oil benchmark price stood at 60 dollars per barrel in 2010, 75 dollars in 2011 and 72 dollars in 2012.

She said that government was poised to stem the leakages in the oil revenues with the setting up of a Presidential Committee on Crude Oil Theft.

Ms Robin Sanders, former U.S. Ambassador to Nigeria and the Chairman of Songhai Integrative Farms emphasised the importance of Private Public Partnership (PPP).

She said that Nigerians living abroad had a role to play in  developing the economic base of the country.

She said that there was need for the private sector to work together with the Diaspora and those in living in Nigeria establish SMEs to create jobs.

"With the new types of PPP, ministries such housing transports, works come together to address challenging issues," Sanders said.

The News Agency of Nigeria (NAN) reports that the summit was aimed at showcasing investment opportunities available in different sectors of the country’s economy.



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