New Bill to Revamp the Petroleum Industry in Nigeria This 2017

oil refineries
Image Source: Horia Varlan, CC BY 2.0

Emmanuel Ibe Kachikwu, Nigeria’s minister of state for petroleum, has announced that the federal government is going to pass the Petroleum Industry Bill to revamp the country’s refineries this year.

Kachikwu made this known while disclosing the plans of the Federal Ministry of Petroleum Resources for 2017, stating that the government will dissect the country’s oil and gas policies to achieve optimal levels of production. He also said that ministry will boost revenue generation to support 2017 financing by looking into areas where the government could make more money.

Aside from finalizing all outstanding Memoranda of Understanding (MoUs) his country has entered into with India and China, Kachikwu plans to leverage on the relationship that the Nigerian president has built over the years to get associated with foreign investors.

Included in his plans is embarking on the Oil and Gas Roadshow to the UK and the US in an effort to make his country an active participation block where oil investments can flow into. He said:

“We are going to receive and complete all the MOUs that we began… the one in China…the one in India… we are going to do a roadshow to the UK…for Europe. We are going to do a roadshow to the U.S. with President Donald Trump coming in.”

As for the financial aspect, Kachikwu confirmed that oil blocks are going to be allocated this year to partially fund the budget.