FG urged on incentives to drive oil investments

The federal government has been urged to provide more incentives to drive oil and gas investments.

Speaking at the Nigerian Content Midstream and Downstream Oil and Gas Summit organized by the Nigerian Content Development and Monitoring Board (NCDMB) in Lagos, some participants called on the Central Bank of Nigeria (CBN) to create a unique forex window to facilitate seamless operations of modular refineries.

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The two-day summit featured 11 papers and three panel sessions with the recommendation being part of the communique read by the manager, Corporate Communications, NCDMB, Mr. Esueme Dan Kikile.

They also called for more investments in the supply chain for petroleum products while incentivising modular refineries, depots and free trade zones for local firms to thrive.

The participants also urged the federal government to divest from the petroleum depots and address the issue of inoperative pipeline infrastructure.

They tasked NCDMB on more consultations with stakeholders for solutions to the peculiar challenges confronting the petroleum sector, especially at the midstream and downstream. 

The executive secretary of NCDMB, Engr. Simbi Kesiye Wabote, in his remarks, assured participants that their recommendations would be considered during policy formation.

He also promised that the board would liaise with relevant agencies to address some of the identified challenges that are outside the remit of the board’s mandate.