July 21, 2024
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Nigeria Set to Invest $13.5bn in Energy Sector in 12 Months

The Nigerian Government has revealed plans to invest $13.5 billion in its energy sector within a year.

Olu Verheijen, the Special Adviser to the President on Energy disclosed this, adding that the West African oil-rich country aims for $55.2 billion in opportunities by the year 2030.

Verheijen also stressed that the President Bola Ahmed Tinubu-led administration is committed to reforms and growth in the country, particularly in the critical oil and gas sector.

TheGuardian quoted the presidential aide as revealing that her engagements with the stakeholders had shown that there were massive investment opportunities for the oil and gas sector to thrive in Nigeria.

According to her, the administration of Tinubu in line with its “Renewed Hope Agenda”, will always be committed to improving the business and investment climate in the nation, including the energy sector.

“My office has since started work on key areas of reform to spur the growth of the energy sector, and which would also positively impact on the livelihood of the average Nigerian and small businesses,” Verheijen stated.

“Recently, the president approved the Import Duty Waiver aimed at increasing the utilisation and supply of gas in the domestic market.”

She added that the waiver covers the importation of all equipment related to Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG).

Verheijen explained that it also covers machinery, equipment and spare parts into the Nigerian market for the utilisation of the country’s gas.

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