Business

Buhari Restates Commitment To Diversifying Nigeria’s Economy

President Muhammadu Buhari has said his administration’s commitment to diversify Nigeria’s economy using the oil and gas industry as a pivot is still on track.

Buhari stated this on Thursday at the virtual inauguration of the National Oil and Gas Excellence Centre at the Department of Petroleum Resources headquarters in Lagos State.

A statement made available by the President’s Special Adviser on Media and Publicity, Femi Adesina, quoted Buhari as saying that Nigeria would strengthen its position as regional leader in the oil and gas industry.

The Nigerian leader stressed that his administration would spare no effort in ensuring maximum benefit from the nation’s huge natural resources.

He also assured that the Federal government would continue to leverage oil and gas for development and pursue economic diversification across all sectors.

Buhari said, ‘’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 potential and create opportunities for investors, both local and foreign, when I declared that: ‘Nigeria is Open for Business!’

President Muhammadu Buhari

‘’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 them to grow our Gross Domestic Product, 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.”

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