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Thursday, 9 March 2017

Kachikwu: Govt working to maximise oil output






Kachikwu


A long term plan to take advantage of higher oil prices is one of the Federal Government’s top priorities, Minister of State for Petroleum Resources Dr Ibe Kachikwu has said.

He said higher oil prices and a long-term plan for production are spearheading Nigeria’s efforts to get its hydrocarbons sector back on track. He spoke with Oxford Business Group (OBG) – a global research and consultancy firm yesterday.

The minister stated that the agreement made in December by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut production with a view to stabilising prices was already yielding results for the country.

“The resurge in prices is a fundamental driver behind Nigeria’s push for investment as international oil companies are planning new projects in the country. Since the agreement was made, external confidence in the country is higher, while the business environment here is improving,” he said.

On the challenges of militancy, coorpution and others facing the government in attracting new investors, Kachikwu said: “We are focusing on all of these issues, with a view to solving them and proving that Nigeria is more commercially viable than in the past. Once we are able to do that and stabilise the situation we can achieve our long-term goal of boosting income.”
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