Nigeria’s President, Muhammadu Buhari says rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act (PIA).
President Buhari said this on Monday in Abuja, the nation’s capital, while declaring open the 5th Nigeria International Energy Summit (NIES).
According to reports, Global crude oil prices went up to $104 per barrel on Monday following the ongoing hostilities between Russia and Ukraine.
Represented by Timipre Sylva, Nigeria’s 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 which is a great opportunity for the
country.
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 industrialized nation through enhanced and accelerated gas revolution.
