US targets more foreign investments in Nigeria after Kachikwu meets Perry

*Dr. Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum with rick Perry, the US Secretary of Energy on the sidelines of the 24th Africa Oil Week.

The United States Secretary of Energy, Mr. Rick Perry, has commended Nigeria on the significant steps taken in the oil and gas industry, and stated that the key message and thrust of the United States administration is to be strategic partners with Nigeria.

He further stated that the United States Government has a high level of respect for the people of Nigeria and pledged willingness to continue to encourage US companies to invest in Nigeria’s oil sector.

Perry met on Tuesday with the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu held a meeting at the sidelines of the 24th Africa Oil Week currently holding in Cape Town, South Africa as part of his ongoing investment focused international Oil and Gas engagements.

The landmark meeting which is the first of its kind between the two leaders of the energy sector in both countries since the inauguration of the new administration in the United States comes as a follow up to an earlier meeting that was hosted by the Office of the Secretary of Energy earlier in May 2017 at the United States Departments of State and Energy in Washington D.C. on the sidelines of the Offshore Technology Conference (OTC).

The Minister of State while responding to the comments and feedback given by Mr. Rick Perry said the Federal Government of Nigeria under the leadership of President Muhammadu Buhari has clearly set out the choices that have to be made as nation over the next 4 years and have also taken significant steps in achieving this through the continuous implementation of the 7BigWins – the Nigerian Petroleum roadmap, which focuses on stabilizing the business environment, enshrining openness and transparency, and developing and entrenching new policies and regulations.

He explained that these laudable achievements have contributed greatly in helping Nigeria claw back from recession.

Dr. Kachikwu restated the positive role the Government has played through the instituting of the Joint Venture cash call payment agreement, ensuring adherence to due process in the sector, promoting accountability, encouraging sanctity of contracts and reviewing the Fiscal Policy to provide incentives for investment in the sector while optimizing revenues for the Government.

He also hinted that plans are in place to reduce Government’s role in the sector in order to increase private sector participation.

While discussing issues relating to infrastructural development in the sector, Dr. Kachikwu noted that a comprehensive and holistic infrastructural map which is being developed by the Ministry of Petroleum Resources would be launched in December 2017.

Also, Dr. Kachikwu in the same vein highlighted the local content growth which the Nigeria Oil & Gas sector has experienced; it has moved from 5% at the inception of this Administration to about 40% local content compliance currently.

Finally, Mr. Perry, in his closing remarks at the meeting informed the Minister of State, that the United States Government would be willing to assist Nigeria with access to newer technology and skill set training to deepen Nigerian participation and production in Oil and Gas.

He further extended an invitation to the Honorable Minister of State, Petroleum Resources to come to the United States to take a look at the Department of Energy sector laboratories which specifically develop new technologies being currently deployed in Oil and Gas.

Kachikwu also used the opportunity to invite the Secretary of Energy and his team to participate in the forthcoming maiden edition of the Nigerian International Petroleum Summit (NIPS) scheduled to hold in February, 2018 in Abuja, Nigeria.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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