ENUGU, Nigeria (VOICE OF NAIJA)- The Nigerian National Petroleum Company Limited (NNPC Ltd) has emphasized the need for establishing local institutions in Nigeria and Africa to provide funding for energy projects, tackling energy poverty.
This was disclosed in a statement signed by Chief Corporate Communications Officer NNPC Ltd, Olufemi O. Soneye, at the at the 23rd Nigeria Oil Gas Conference and Exhibition (NOG Energy Week) in Abuja on Wednesday, themed, “Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand”.
The NNPC Ltd’s Chief Financial Officer, Mr. Umar Ajiya, stressed the importance of developing institutions like Afreximbank and the proposed Africa Energy Bank to finance energy infrastructure projects.
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Speaking at a panel session the CFO highlighted the reluctance of global financial institutions to fund oil and gas projects due to environmental concerns, underscoring the need for local solutions.
He hinted on the role of creating an enabling environment to attract investment, citing the passage of the Petroleum Industry Act (PIA) and recent Executive Orders as positive steps by the Federal Government.
The CFO also stressed on the collective responsibility of citizens, including immigration and customs officers, drivers, media, and judiciary, in creating an investor-friendly environment.
He highlighted key energy projects, including Gwagwalada, Kaduna, and Kano Independent Power Plants, as investment opportunities.
The panel discussion, moderated by Ms. Oluwatoyin Aina, featured representatives from the President, African Export-Import Bank who was represented by the bank’s Regional Chief Operating Officer, Anglophone West Africa, Mr. Eric Monchu Intong; Executive Director, Midstream and Downstream Gas Infrastructure Fund, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)), Mr. Oluwole Adama; Managing Director, Energy and Natural Resources, Standard Chartered, Ade Adeola; Vice President, Investment, Africa Finance Corporation, Ms. Taiwo Okwor; and the Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion Commission, who was represented by the Commission’s Deputy Director, Policy Advocacy, Mr. Abayomi Salami.