AEC 55

Visiting Executive Chairman of the African Energy Chamber (AEC) and Centurion CEO, NJ Ayuk, with a handful of industry delegation to Nigeria on Wednesday in Lagos, have called for more industry collaboration on key issues pertaining to Nigeria’s oil & gas industry.
Critical sectors in need of synergy according to him, include local content development, the signing of the Petroleum Industry Bill (PIB), the promotion of a better enabling environment for start-ups and SMEs, monetizing gas for domestic use, and investing massively in energy infrastructure.
Others he listed included building a robust petrochemical industry whilst ensuring that energy security is placed as a high priority agenda by both the Nigerian government and the country’s oil industry.
Speaking more on the need to sign PIB into law as soon as possible, Ayuk recalled “Nigeria is Africa’s biggest oil producer with a massive investment potential in oil but also gas. In this regard, the Chamber’s delegation notably highlighted the importance for both the government and key stakeholders in the oil industry to immediately collaborate to improve governance and create an enabling environment for investment”.
NJ Ayuk declared that “The Chamber continues to be bullish about the potential of Nigeria and the investment opportunities for energy industry players here,” stressing that “Many young Nigerians look at the energy industry for training, empowerment, innovation, and not just any job but good jobs”.
“The oil industry is going to continue being the largest investor in the country and recognizes its responsibility to work with all Nigerians to ensure that the resources benefit every Nigerian and the dignity of work becomes real. Passing pro-growth legislation that incentivizes growth and provides confidence to all investors is important.
AEC welcomed the success of Nigeria’s local content development, which has enabled the creation of strong Nigerian exploration, production and services companies that can truly be part of an African content revolution across the continent. As such, it will continue working with Nigerian officials to attract investment into Nigeria and push for skilled Nigerian entrepreneurs to expand across Africa.
While noting that “At the AEC, we are seeing a great number of Nigerian companies seeking to expand across Africa, including Senegal, Ghana, Equatorial Guinea, Gabon, Congo and South Sudan,” Ayuk added that “We need to encourage African companies to take the lead in the development of the continent’s oil & gas industry.”
The AEC which held a number of stakeholders meeting in Lagos, also urged investors to make an effort to participate in the APPO Cape VII Congress & Exhibition in Malabo on April 1-5 and in the 13th German-African Energy Forum in Hamburg on March 27-28.

By Business Hilights

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.

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