President Muhammadu Buhari says rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act, PIA.
Mr Buhari said this on Monday in Abuja, while declaring open the 5th Nigeria International Energy Summit, NIES.
Global crude oil prices went up to $104 per barrel on Monday following the ongoing hostilities between Russia and Ukraine.
Represented by Timipre Sylva, Minister of State for Petroleum Resources, the president noted that the summit had been of great value in terms of policy input for government and business development resource for the private sector.
He said: ” Crude oil prices are on the rise again after turning negative in April 2020. It is a great opportunity for us as a country.
Mr Buhari said to demonstrate the government’s seriousness, the administration did not waste time with the implementation of PIA.
The president further told the summit that Nigeria had adopted gas as its transition fuel as the world moves towards cleaner sources of energy.
He said this informed the administration’s Decade of Gas Initiative, which aims to transform Nigeria into a gas-based industrialised nation through enhanced and accelerated gas revolution.
Mr Buhari said: ” We will ensure further optimal exploitation and utilisation of the country’s vast natural gas resources.
The president said Nigeria was prepared to face the global demand for cleaner energy sources with the enactment of PIA, successful completion of the 2020 marginal oilfields bid round and the decade of gas initiative.
Global energy leaders are discussing the way forward and strategies for management of Africa’s huge energy resources at the summit.