Oil, gas revenue to stimulate growth in other sectors — Buhari

By Nneka Nwogwugwu

President Muhammadu Buhari has stated that oil and gas revenues will be utilised to boost growth of other sectors.

Buhari said this while speaking on Thursday at the virtual inauguration of the National Oil and Gas Excellence Centre at the Department of Petroleum Resources headquarters, Lagos.

He said: ”You would recall that at the beginning of this administration, we set a clear roadmap for the oil and gas sector in order to increase value from the nation’s huge resource potentials and create opportunities for investors, both local and foreign when I declared that: ‘Nigeria is Open for Business!’

“I am delighted that since then, we have witnessed major Final Investment Decisions in the sector such as the AKK Pipeline project, the NLNG Train-7 project, and the completion of the 5,000 barrels per day Waltersmith Modular refinery.

“Our renewed drive for economic diversification using the oil and gas industry as a pivot remains on track as we expand government revenues and deploy it to grow our Gross Domestic Product, generate employment and contribute to eliminating poverty in Nigeria.

“This National Oil and Gas Excellence Centre will serve as an integrated resource complex to drive safety, value and cost efficiency in the industry. It is, therefore, another milestone in the development of the oil and gas sector and the realisation of greater value for the country.”

”The establishment of the National Oil and Gas Excellence Centre aligns with our administration’s commitment to foster stability, growth, and sustainability of the Nigeria Oil and Gas Industry consistent with the economic development and sustainability agenda articulated in the National Petroleum Policy 2017, National Gas Policy 2017, Economic Recovery and Growth Plan and the Economic Sustainability Plan, 2020.”