Nigeria’s oil and gas sector is expected to attract $48.4 billion (about N17.29 trillion) out of the industry’s $194 billion (about N69.84 trillion) capital investment flow into Africa by 2025, a report from Nairametrics reads.
Dr. Maikanti Baru, the outgoing Group Managing Director of the state-owned Nigerian National Petroleum Corporation (NNPC), made this disclosure while addressing the 2019 Nigerian Oil and Gas Conference and Exhibition (NOG) in Abuja.
According to Maikanti Baru, Nigeria is a leading player in Africa’s oil and gas industry. Little wonder the country is expecting to attract such huge amount as the rest of the continent share the remaining balance.
“The nation’s energy outlook appears very positive despite the difficult operating and economic headwinds across the continent,” he said.
“It is also significant to state that out of about $194 billion surge in capital expenditure coming into oil and gas development on the African continent from 2018 to 2025, Nigeria currently accounts for 48.04 billion dollars (over 24.8%) with other African countries sharing the balance.
For Nigeria, therefore, oil and gas remain essential building blocks for our economic growth, particularly as a developing country.” he added.