* Dismantles all entry barriers
Sopuruchi Onwuka
Nigerian government has called on the international investment community to take advantage of the ongoing economic reforms to seek commercial opportunities in the country’s energy industry.
President Bola Ahmed Tinubu who declared the Nigerian International Energy Summit (NIES) open in Abuja pledged to guarantee commercial returns and free exit for companies staking investments in the Nigerian economy.
The president’s address at NIES 2025 was delivered by the Minister of State for Finance, Dr Doris Uzoka-Anite.
The Oracle Today reports that the current administration of the federal government is most aggressive in investment drive as part of its economic recovery agenda.
With the petroleum industry accounting for the nation’s foreign exchange earnings, biggest contribution to annual fiscal budgets and nearly half of the gross domestic product; President Tinubu has mandated the industry to boost oil and gas output to plug huge fiscal gaps.
In addressing local and international delegates to NIES 2025, the president stated that the petroleum industry holds abundant opportunities for investors in the year. He added that his administration is committed to sustainable development of the sector as the country continues to earn increasing space in global energy supply.
To create congenial business operating environment for players in the sector, the president stated that enabling policies, regulations and infrastructure have all been provided in a liberalized industry to guarantee returns on investments.
He pointed out that the ongoing economic reforms in the country also entails tax reforms, strong and stable regulatory frameworks, free entry and free exit, short bureaucratic cycle, and fiscal incentives for commercial investments.
He added that government has dismantled all entry barriers to the full loop energy industry play, including petroleum, solar, battery, hydro, hydrogen and rare earth minerals relevant to green energy production.
He also pointed at investment opportunities in the domestic oil and gas processing, petrochemicals, and other value adding gas processing businesses.
In the conventional and green power sector, President Tinubu told delegates that government was still welcoming commercial investments in electricity generation, power transmission and renewable energy.
He announced that Nigeria has just launched hydrogen energy policy with immediate focus on blue hydrogen and a short term aspirations for green hydrogen.
He declared that the full energy industry value chain has been unlocked for new investments for development of energy minerals and rare earth minerals for clean energy.
The president said his government is removing all bottlenecks and official red tapes that hamper investment decisions.
The overall aspirations for the energy industry, he stressed, is for the country to utilize its vast mineral resources in driving rapid economic and social development.
