Nigeria’s membership of IEC will facilitate Foreign Direct Investment, says minister | The Nation

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Minister of Science and Technology Dr Ogbonnaya Onu has expressed optimism that Nigeria’s membership of the International Energy Charter (IEC) would facilitate Foreign Direct Investment in the energy sector.

The minister spoke in Abuja when he declared open a two-day National Energy Summit organised by Energy Commission of Nigeria in collaboration with the IEC, Brussels.Onu said the IEC and ECN had conducted studies on Energy Investment Risk Assessment of the Nigerian energy sector, which would be presented by the IEC secretariat during the summit.

“This will help stop gas flaring in the country, protect and preserve our environment as well as diversify the energy sector of our economy and we are also investing in both research and renewable energy,’’ he said. In his welcome address, Prof. Eli Bala, Director-General of Energy Commission of Nigeria, said the objectives of the summit was to bring to limelight how membership of the IEC would facilitate energy sufficiency.

He further said that in order to transit from an observer State of the Energy Charter Treaty into a full signatory three country study reports were imperative.

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