Nigeria’s oil, power sectors to attract $200bn FDI

Peter Bahago, Abuja

Nigeria’s acting President Professor Yemi Osinbajo says Nigeria will soon benefit from a direct foreign investment worth 200 billion dollars from the petroleum and power sectors in the next two years.

The acting President said that the petroleum  and power sectors provided over 80 per cent of Nigeria’s revenue and over 80 per cent of  the country’s direct foreign investment.

Professor Osinbajo stated this at a 2 Day Annual National Workshop for Judges in collaboration with the Institute for Petroleum, Energy Law and Policy, IIPELP in Abuja, the nation’ s Capital.

The workshop with the theme: Law and the Changing Face of the Petroleum and Power Sectors in Nigeria was designed to acquaint participants with emerging developments and best practice in the Power and Petroleum Industry.

In his keynote address, the acting president Professor Yemi Osinbajo who was represented by the Minister of State, Petroleum, Mr. Ibe Kachukwu said that the petroleum sector since the advent of the regime of president Muhammadu Buhari has attacked the issue of revenue generation and helped to find funding to stabilise the country’s economy, finance projects and drive the economy out of recession.

The acting President also said that Nigeria has developed policy intervention in the areas of gas, and the petroleum industry.

He urged the Nigerian judiciary to ensure speedy dispute resolution in order to ensure investors are protected.

Responding, the Chief Justice of Nigeria Mr. Walter Onnoghen said the essence of the workshop was to draw the attention to emerging issues and challenges in the Power and Energy sectors of the economy.

He said that the event also serves as an avenue for educating Judges on the reforms in the Power and Energy Sectors.

Justice Onnoghen also inferred that the petroleum and Energy sectors remain the economic base of Nigeria which contribute to the country’s foreign exchange earnings.

The CJN commended the National Judicial Institute for working tirelessly to ensure the success of the workshop.