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BUHARI SAYS NIGERIA WILL MAINTAIN LEADERSHIP POSITION IN AFRICA’S OIL AND GAS INDUSTRY – Commends Petroleum Minister of State –Timipre Sylva

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STATE HOUSE PRESS RELEASE President Muhammadu Buhari Thursday declared that Nigeria will strengthen its position as regional leader in the oil and gas industry, even as his administration will spare no effort in ensuring maximum benefit from the nation’s huge natural resources. Speaking at the virtual inauguration of the National Oil and Gas Excellence Centre (NOGEC) at the Department of Petroleum Resources (DPR) headquarters, Lagos, President Buhari pledged that the Federal government will continue to leverage oil and gas for development and pursue economic diversification across all sectors. ”You would recall that at the beginning of this administration, we set a clear roadmap for the oil and gas sector in order to increase value from the nation’s huge resource potentials and create opportunities for investors, both local and foreign, when I declared that: ‘Nigeria is Open for Business!’ ”I am delighted that since then, we have witnessed major Final Investment Decisions in the sector such as the AKK Pipeline project, the NLNG Train-7 project, and the completion of the 5,000 barrels per day Waltersmith Modular refinery. ”Our renewed drive for economic diversification using the oil and gas industry as a pivot remains on track as we expand government revenues and deploy it to grow our Gross Domestic Product (GDP), generate employment and contribute to eliminating poverty in Nigeria. ”This National Oil and Gas Excellence Centre will serve as an integrated resource complex to drive safety, value and cost efficiency in the industry. It is therefore another milestone in the development of oil and gas sector and the realisation of greater value for the country,” he said. Underscoring the importance of the Integrated Centre in enhancing the contribution of the oil and gas sector to the nation’s GDP as well as strengthening Nigeria’s position as regional leader in the industry, the President noted that the Centre has opened a new set of opportunities for the Nigerian Petroleum Industry in terms of investments, cost reduction, safety in operations and capacity development. ”The establishment of the National Oil and Gas Excellence Centre aligns with our administration’s commitment to foster stability, growth and sustainability of the Nigeria Oil and Gas Industry consistent with the economic development and sustainability agenda articulated in the National Petroleum Policy 2017, National Gas Policy 2017, Economic Recovery and Growth Plan and the Economic Sustainability Plan, 2020,” he said. President Buhari therefore urged all industry practitioners and stakeholders to support…

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