- Osibanjo expresses optimism on the gas sector
- Says PIA, Gas initiatives will develop the sector#
Vice President Yemi Osibanjo, at the virtual event commemorating the 25th anniversary of Sahara Group, has expressed optimism on the development of the Nigerian gas sector. He listed the signing of the Petroleum Industry Act (PIA) and several gas initiatives of the administration of President Muhammadu Buhari as a sign of the administration’s commitment to developing the gas sector.
Speaking on funding for fossil projects, Osibanjo urged indigenous energy companies to fund gas projects.
“The World Bank and other multilateral development banks are being urged by their shareholders to do the same. The AfDB is increasingly unable to support large natural gas projects in the face of shareholder pressure from their European members.”
“I will urge indigenous energy companies such as yourselves to join in the urgent advocacy that is required to prevent the disaster that would result from defunding oil and gas projects,” Osibanjo said.
“Nigerian companies have shown capacity in operations and financing of oil and gas assets. Within this group of patriotic local investors, Sahara has consistently blazed the trail as industry leaders in not just the Petroleum sector, but in the Power sector as well,” he added.