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NNPC GMD PROMISES SUPPORT FOR INVESTMENT

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu has promised an enabling environment to support investment in the oil and gas industry.

Speaking at the 2013 Lagos International Trade Fair, the NNPC GMD promised to sustain the investment opportunities within the sector and ensure it flourishes country-wide.

NETCO's MD, Engr. Dandume Abdullahi, who represented the NNPC GMD at the 2013

Lagos International Trade Fair, reading the GMD's speech at the NNPC day at the fair

 

Engr. Yakubu, who was represented at the NNPC day at the fair by NETCO's Managing Director, Engr. Dandume Abdullahi, said NNPC was very committed to keeping the nation 'wet' through regular supply of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and jet fuel all over the country.

He lauded the Board of the Corporation led by the Honourable Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke for working round the clock to ensure the sustainability of the enabling environment created all over the country. Specifically, he said, the Board has performed so well to make shortage of petroleum products a thing of the past.

Engr. Yakubu noted that the laudable achievement  by the Board and the Corporation has contributed immensely in facilitating trade among various sections of the country adding that ''farmers are able to transport their farm produce from one part of the country to the other in a short time and with more ease  thus, reducing losses resulting from delays in conveying perishable produce to the market while manufacturers are able to transport their products across the country with ease and at affordable fares''.

Engr. Yakubu informed the gathering that NNPC is also working on creating the enabling environment for the manufacturing to flourish across the country through the Nigerian Gas Metering Plan being pursued assiduously. According to him, work on the East-North pipeline through Ajaokuta-Kano branching into Abuja is being aggressively executed with other projects along the East-West pipeline also on track.

The NNPC GMD said by the time these projects are concluded in the next few years, the Corporation will be providing industrialists and manufacturers the key input for their industrial/manufacturing production through adequate supply of gas to uninterrupted power supply to industries across the country that have died or gone comatose due to non-availability of power supply.

He commended the Federal Government for putting in place policies and initiatives geared towards making investment in the industry and by extension Nigeria more attractive stating that the NNPC is mindful of the great expectations on the Corporation to propel the national economy to achieve the target of 20-2020.

A cross section of participants from NNPC  CSUs/SBUs at the NNPC day

Engr. Yakubu said the actualisation of Nigeria's legitimate aspiration to be among the top 20 economies of the world by the year 2020 cannot be de-linked from the performance of the mainstay of the national economy which is oil and gas industry which accounts for 30 per cent of the nation's Gross Domestic Product (GDP), 80 per cent of government revenue and 95 per cent of foreign earnings.

On vandalism of its pipeline, the NNPC GMD observed that persistent attacks on NNPC crude oil and refined products pipelines have continued to impact negatively on the operations of the Corporations thereby posing grave danger to NNPC's contributions to the national economy adding that the menace of pipeline vandalism and crude theft are militating against revenue projection of the oil and gas sector.

Engr. Yakubu promised to continue to support the organisers of the Lagos International Trade Fair as the Corporation has a firm belief in the cause of the exercise as it has continued to provide the needed enabling environment  for businessmen, manufacturers and investors  from both within and outside Nigeria to meet and consummate trade relations thus, enhancing Nigeria's economic growth.