Oil communities, firms partner on $5bn investment fund

  • 📰 MobilePunch
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

The Executive National Chairman of the body, Dr Mike Emuh, spoke during its national executive committee meeting in Warri.

“Since our financial investors said they are ready to the extent we are also ready, we have applied for a $5bn facility and we hope to pull this through and begin in earnest the aggressive investment in the basic areas of our interest in the oil and gas producing states across the country,” he said.

According to Emuh, while statutory financial allocations could come from the government for the development of the oil and gas-producing states, it was high time strategic steps were taken to involve the private sector. He explained that such a step was necessary not only for managing such funds more efficiently but also for utilising financial resources from the private sector to augment partnerships that worked for the good of all parties.

Emuh eulogised the President, Major General Muhammadu Buhari , for his administration’s gesture towards the oil and gas-producing states by signing the Petroleum Industry Bill into law, now Petroleum Industry Act.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in BUSİNESS

Business Business Latest News, Business Business Headlines