Developing a social investment plan that utilizes proceeds from the oil and gas sector is critical to stimulating impactful growth across the African continent, Director of Resources and Energy, Absa Securities, United Kingdom, millo Atampugre has said.
He mentioned that the sector accounts for an estimated 20 per cent of the continent’s Gross Domestic Product . And in places like Nigeria and Angola, the sector contributes 70 per cent of the overall forex inflow and 6 per cent of government tax revenues while driving growth impacts that reverberate across the labour market, the security and exchange system and other downstream segments.
“Recognising the strategic role of the sector in their economies, places like Angola and Nigeria have taken steps to improve Governance elements. In Angola, the President has put significant focus on cleaning up the image of the sector and courting foreign investors while the Nigerian national assembly recently passed the Petroleum Industry Bill, which is aimed at making it easier for investment into Nigerian oil and gas operations, ”Atampugre explained.