Activities in oil & gas sector have improved tremendously – Kachikwu

By Ishola Balogun

The Minister of State for Petroleum, Dr. Ibe Kachikwu has said the activities of President Muhammadu Buhari-led administration in the oil and gas sector of the economy have improved tremendously, adding that the reforms in the sector had created more space and potentials for foreign investors in the industry.

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Also, the Chief Executive Officer, Homeland Integrated Offshore Services Limited, an indigenous oil and gas company, Dr. Louis Ekere; and the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, called for increased foreign direct investment in Nigeria.

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The trio, in their respective contributions at the Nigerian Oil and Gas Core Strategic Investors’ meeting, which held in the United States on Wednesday, said more FDIs would complement the efforts of the current administration in the different sectors of the economy.

On his part, Ekere said no country or developing economy could grow sustainably and provide employment without the inflow of foreign direct investments.

He implored foreign businessmen and financial institutions to come and invest in Nigeria, in spite of pockets of challenges in the country. He assured investors that their investment would be safe and that Nigeria offers numerous benefits to potential investors.

He said more than previous governments, the current administration was instituting a “hospitable regulatory framework” for foreign direct investment by relaxing rules regarding market entry and foreign ownership. He added that government was improving the standards of treatment accorded foreign firms and improving the functioning of markets.