President Muhammadu Buhari on Monday assured investors that his administration will put in place far-reaching reforms to boost accountability and transparency in the nation’s oil and gas industry.
A statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, quoted the president as speaking at a meeting with senior officials of Chevron, led by the company’s president for Africa and Latin America, Mr. Ali Moshiri.
Shehu said the president told his guests that his administration was ready to effectively address the myriad of challenges in the sector.
“We understand the situation in the industry and we will do our best to address the challenges affecting exploration, production and distribution of oil products in the country,” the president was quoted as saying.
Buhari also acknowledged the merits of the amnesty programme initiated by former President Umar Yar’Adua to reduce violence in the Niger Delta region and said his administration would build on good aspects of the programme.
The president added that his administration will also implement other measures to enhance security in the Niger Delta and optimise investments in Nigeria’s oil and gas industry.
Moshiri had urged Buhari to restore the confidence of international investors in the industry.
He identified improved security in the Niger Delta as key to increased investment in the oil and gas sector in Nigeria.
Moshiri said Chevron, which has 36.7 percent interest in the West African Gas Pipeline Company Limited, was keen to support Nigeria’s gas sector and bring more electricity to Nigerian consumers.