Nigeria, a major crude oil producer, imports all its
petroleum products, which has put enormous pressure on its currency in the
foreign exchange market.
But speaking during a meeting with the Minister for State
Petroleum Resources (Oil), Sen. Heineken Lokpobiri, on the sidelines of the
28th United Nations Climate Change Conference (COP28), Mr. Lorenzo Simonelli,
Chairman, President/CEO of Baker Hughes, expressed keen interest in sustaining
and enhancing their investment in Nigeria’s oil and gas industry, including the
readiness to invest in refineries.
A statement by the media aide to the minister, Nneamaka
Okafor, said yesterday’s meeting marked a significant milestone in the effort
of the government to attract investment into the oil and gas industry.
Simonelli conveyed Baker Hughes’ commitment to contribute to
the energy transformation agenda of the Renewed Hope administration, led by
President Bola Ahmed Tinubu.
He emphasized the company’s readiness to collaborate with
the Federal Government in advancing sustainable energy practices, aligning with
the goals of COP28.
Simonelli said:
“Nigeria is a blessed nation with vast potentials and great
opportunities in diverse sectors. As a partner with the federal government over
the years, we are inspired to direct investment in the refinery domain of the
oil and gas.
”Therefore, whatever we can do to support to get started, I
am willing to do that, even now.”
In his response, Senator Lokpobiri commended the global
giant for its longstanding partnership with Nigeria in the energy sector.
He highlighted the company’s valuable contributions over the
years and expressed optimism about deepening the collaboration through
increased investment in the nation’s oil and gas industry.
Senator Lokpobiri assured the Baker Hughes delegation of the
federal government’s commitment to creating an enabling environment for
investments in the refinery sector.
He affirmed that adequate measures would be put in place to
facilitate the seamless actualization of Baker Hughes’ investment plans,
aligning with the overall vision of the Renewed Hope administration.
“I am very happy that you have joined other companies in
identifying the great opportunities and government’s favourable policies in our
oil and gas sector and with the advent of the PIA, we now have a workable
framework that guarantees conducive environment for investment,” he stated.