The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru said Nigeria still remains one of the best investment destinations in Africa even as ease of doing business continues to improve.
Baru disclosed this on Tuesday at the ongoing 10th World Energy Capital Assembly that took place in London, United Kingdom.
“Globally Nigeria has the highest untapped deep water resource of about 10 billion barrels of oil equivalent, in addition to other vast opportunities in the oil and gas value chain”, said the NNPC GMD who was represented at the event by the Group General Manager Corporate Planning & Strategy of the Corporation, Mr Bala Wunti.
“Nigeria has the largest and one of the most vibrant economy in Africa with lots of potentials, especially in the gas, refining and infrastructure space,” he said.
Speaking during a panel session titled “Spotlight on Africa”, Baru invited investors to Nigeria in line with the Federal Government’s drive for wooing International Investors to the Nigerian economy.
He said all bottlenecks hindering businesses were being done away with and many business owners now carry out their business with fewer hitches as a result of the Buhari administration’s economic policies.
“I invite you all to a country that has massive opportunities, very good business climate and good returns on investment,” he said adding, “As the energy capital of the African Continent, our resilience has been tested, we have been through the booms and the busts and we came out stronger. With our experience, geographical location and capacity, Nigeria is the country of now and the future.”
The Group Managing Director further explained that NNPC has a clear strategy for harnessing these potentials through collaboration and building robust partnerships as entrenched in the Corporation’s 12 Business Focus Areas being aggressively driven by the leadership of the Corporation.
Other attendees in the 10 year Anniversary of the event include Lord John Browne, the Baron Browne of Madingley and CEO of British Petroleum from 1995 to 2007, the Global Chief Economist of British Petroleum, Mr. Spencer Dale, the Senior Vice President of Abu Dhabi National Oil Company, Mr. Abdul Nasser Al Mughairbi and the Senior Vice President and Chief Economist of Equinor, Mr. Eirik Wærness, among others.
The World Energy Capital Assembly, is a leading gathering of Energy Industry Executives and Investment Professionals that discuss emerging and re-emerging energy investment opportunities, review deals done and chart an outlook of Energy related activities across the globe.