Kachikwu made the assertion at the opening ceremony of the 2019 Nigeria Oil and Gas Opportunities Fair in Yenagoa, Bayelsa, on Thursday.
Kachikwu said, while the world was moving on from fossil fuels, Nigeria has yet to take advantage of the opportunities in the sector and design strategies to harness advantages of renewables. The minister said henceforth, approval for projects in the petroleum industry would be based on the cost of producing oil and gas.
“This is because any unbelievable cost of production, basically impacts on the revenue stream of the country. “This has brought us to another milestone in the industry where the crude oil loading and export can be effectively monitored from my office.Kachikwu said that government had invested tremendously in the oil and gas sector toward building capacity and investing in human development.
He said that the Fund was set aside to manage and lend directly to indigenous manufacturers, service providers and other key players in the oil and gas industry to meet their funding needs.
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Source: DailyPostNGR - 🏆 11. / 59 Read more »