NNPC Appeals to Global Energy Investors to Boost FDI Inflows
An Executive Summary:
The Nigerian National Petroleum Company (NNPC) is seeking Foreign Direct Investments (FDIs) to boost the oil and gas industry in Nigeria and Africa as a whole.
Highlights:
- The Executive Vice President of NNPC, Adokiye Tombomieye, emphasized the need for financial resources and advanced technology to develop natural gas reserves and meet the continent’s energy security demands.
- He invited global energy investors to partner with African countries in achieving energy security and prosperity. Tombomieye highlighted Africa’s abundant natural gas resources, which have the potential to fuel economic growth and improve the lives of its people.
- However, he acknowledged the challenges associated with harnessing this potential, including the need for strategic planning, substantial investment, and a favorable environment for FDIs.
- Tombomieye also discussed the impact of climate change on FDIs, stating that concerns about carbon emissions have led to a shift towards investing in low carbon energy sources.
- He emphasized the importance of finding a balance between transitioning to low carbon energy and addressing energy poverty in developing countries.
- Nigeria, in particular, has only attracted a small percentage of FDIs due to these issues.
Conclusion:
Tombomieye concluded by emphasizing the need for global collaboration and careful decision-making to combat climate change while stimulating sustainable economic growth in Africa.
