ADVERTISEMENT

Nigeria can no longer fund oil industry

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu has said that Nigeria no longer has the resources to fund the oil and gas industry.

Ibe kachikwu, MD, NNPC

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu has said that Nigeria no longer has the resources to fund the oil and gas industry.

Kachikwu made the disclosure on Thursday, December 17, 2015, during a town hall meeting in Abuja.

“Financing is going to be a key component of our goal, because new models of financing would have to emerge. The country does not have the sort of resources to continue to fund the oil industry,” the minister said.

“As we go upstream, we are going to begin to see a lot of innovative financing mechanism to provide funding for the oil industry. My dream, if I achieve it, is that by the end of 2016, we would completely exit cash calls and be able to find ways to help support our business and get a lot more autonomy in terms of running the industry and report, basically, profit to the Federal Government,” he added.

ADVERTISEMENT

He also announced at the meeting that the Nigerian National Petroleum Corporation (NNPC) would soon be divided into four separate companies.

Kachikwu is also serving as the Group Managing Director of the NNPC.

----------------------------------

See Pulse Photo-News gallery below:

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Court grants senator accused of forging NYSC certificate ₦50m bail

Court grants senator accused of forging NYSC certificate ₦50m bail

Delta monarch declared wanted by military surrenders to police

Delta monarch declared wanted by military surrenders to police

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT