The Nigerian government has called on foreign and local investors to consider investing into the country’s energy industry.
The Minister of Science and Technology, Dr Ogbonnaya Onu, assured potential investors of favourable Return on Investment (ROI) in his opening remarks at the National Energy Summit in Abuja on Tuesday.
Onu said, “I call for both foreign and local investment to help us build the necessary infrastructure needed for efficient and effective exploitation of the huge energy resources available in the country.”
The minister stated that although the federal government was preparing for a post crude oil era, the country’s energy future was still bright.
He noted that Nigeria’s membership of the International Energy Charter (IEC) would boost Foreign Direct Investment (FDI) to the country.
READ ALSO: 32 Refinery Licences Invalid, Says DPR
The Energy Commission of Nigeria (ECN) partnered with IEC, Brussels and the European Union commission in Nigeria on the energy summit with the theme: ‘Energy Sufficiency and Sustainable Economic Growth: Experiences and Opportunities from Global Energy Cooperation and the International Energy Charter’.
The Director-General of ECN, Prof. Eli Jidere Bala, at the event expressed appreciation to the participants, saying the summit would help in promoting energy development in Nigeria as he called on the private sector to set the pace.
Prof. Bala noted that it was important that Nigeria’s membership of the IEC facilitates energy sufficiency and sustainable economic growth in Nigeria.
The Director General of IEC, Dr Urban Rusnak, who participated virtually, said Nigeria has to transition from reliance on fossil fuels to renewable energy, adding that it must be cheap, clean, efficient and sustainable.
