Buhari assures foreign oil firms of high returns on investments

Foreign oil companies have been assured of high returns on their investments in Nigeria.

The President, Major General Muhammadu Buhari (retd.), on Monday, gave the assurance at the Nigeria International Petroleum Summit 2020 in Abuja where he was represented by the Secretary to the Government of the Federation, Mr Boss Mustapha.

He said, “We are all aware of the great role the hydrocarbon industry plays in the economy of Africa, thus we cannot afford to compromise its technical, operational and financial standards.

“This is the reason why this administration has consistently promoted sector reforms aimed at the entrenchment of transparency in the conduct of the industry’s business, cost reduction, efficiency and attracting investments in the oil and gas value chain.”

Buhari said Nigeria, as an oil-producing nation, remained ready and accessible for legitimate investments from all interested countries, individuals and partners.

“Let me assure our foreign delegates that their investments are well secured in Nigeria and a high return on investment is always guaranteed. It can’t get better anywhere,” he added.

In December last year, the President signed the bill that amended the Deep Offshore (and Inland Basin Production Sharing Contract) Act after its passage by the National Assembly.

The international oil companies operating in the country and their local counterparts under the aegis of the Oil Producers Trade Section said the Federal Government’s planned increase in deepwater royalty would worsen Nigeria’s competitiveness and make $15bn of currently planned deepwater investments economically unviable.