President Muhammadu Buhari has said that terrorists and extremists no more pose serious challenges in Nigeria. Buhari was addressing investors at the International Conference Centre in Abuja yesterday at the 6th African Petroleum Congress and Exhibition, with the theme “Positioning African Petroleum for Global Development and Value Addition”.
Represented by Vice President Yemi Osinbajo, Buhari said Nigeria was therefore ready and accessible for investments from all interested nations, individuals and partners.
“I am pleased to announce that as a result of regional cooperation and the doggedness of our armed forces, Nigeria has overcome the security challenges hitherto posed by terrorists and extremists in the northeast”, he stated.
The president assured the investors that their investments were secured in the country “and a high return on investment is assured”.
Buhari, who said the federal government had embarked on implementing carefully conceived initiatives aimed at repositioning the nation’s oil industry, listed unbundling of the Nigerian National Petroleum Corporation as part of the measures.
He assured that unbundling the NNPC into lean, efficient and profitable components would be done without attendant job losses.
President Buhari also told guests at the event that the federal government had a daily crude oil production target of 2.8 million barrels.
“Some of these (initiatives) include strengthening the institutional framework on policy formulation through legislation on the Petroleum Industry Bill as a prerequisite for the development of the sector and attraction of foreign investment; unbundling the national oil company, that is the Nigeria National Petroleum Corporation into lean, efficient and profitable components, that will operate as a business venture and deploy existing manpower to areas of competence without attendant job losses,” he said.
The president further told the congress that an estimated 20 billion cubit metres of associated gas was flared annually in Nigeria.