Nigeria to Become Investment Hub with Oil and Gas Reforms: Renewed Hope Ambassadors

Nigeria will become Africa’s top investment destination thanks to reforms being made in the oil and gas industry, according to a sociopolitical pressure group called the Renewed Hope Ambassadors (RHA) on Thursday.

In response to problems in the oil and gas industry, including as the change in leadership at the Nigeria National Petroleum Company Limited, or NNPCL, the group stated that President Bola Ahmed Tinubu’s reforms are having an impact.

Mele Kyari, the Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited, or NNPCL, was reportedly fired by Tinubu on Wednesday and replaced with Engineer Bashir Bayo Ojulari.

The NNPCL board was also dissolved by the president, who also dismissed Chief Pius Akinyelure as chairman. Ahmadu Musa Kida was named the new board chairman.

Tinubu’s changes in the oil and gas sector are intended to address issues like diminishing investment, poor production levels, and inadequate infrastructure, according to a statement signed by RHA Secretary-General Opialu F. Opialu.

RHA praised the Nigerian Communications Commission (NCC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their regulatory effectiveness and for encouraging accountability and transparency, pointing out that the effects of the reforms are already being felt with increased investor interest and activity in the sector.

The Renewed Hope Ambassadors claim that the NUPRC has put important measures into place that are meant to increase investment and improve regulatory supervision. However, the NCC has made great strides in improving the country’s telecoms environment, it added.

“The NUPRC has been working tirelessly to build a resilient, competitive, and investment-driven upstream sector. Under the leadership of Engr Gbenga Komolafe, the Commission has implemented key reforms aimed at enhancing efficiency, boosting investment, and strengthening regulatory oversight.

“The NUPRC has driven several initiatives to enhance regulatory effectiveness and attract investments. These include the development of a 10-year Regulatory and Corporate Strategic Plan and a Regulatory Action Plan. The Commission’s efforts have restored investor confidence and positioned Nigeria’s petroleum industry for sustained growth.

“The NUPRC’s commitment to transparency and accountability has also been evident in its efforts to promote cost efficiency and reduce contracting costs and timelines. By streamlining processes and introducing fiscal incentives, the Commission aims to create a more favourable business environment that attracts new investments and drives growth.

“The NUPRC has successfully developed and rolled out several regulations that have fostered growth, improved productivity, and increased government revenue from the oil and gas sector. These strategic interventions have restored investor confidence and positioned Nigeria’s petroleum industry for sustained growth.

“Meanwhile, the NCC has made significant progress in enhancing the nation’s telecommunications landscape. Under the leadership of Dr. Animu Maida, the Commission has pushed for the signing of a Presidential Order designating telecommunications infrastructure as critical national assets.

“The NCC has also ensured the proper linkage of SIM Cards to National Identification Numbers (NIN) to check the increasing incidences of banditry and terrorism in the country. Additionally, the Commission has facilitated the waiver of Right of Way (RoW) charges in several states, making it easier for telecom operators to deploy infrastructure and improve connectivity across the country.

“The NCC’s commitment to promoting innovation and capacity building in the telecommunications sector is evident in its partnership with Nokia to initiate training programs for young engineers in 4G/5G technologies.The NCC’s efforts to promote competition and ensure fair play in the telecommunications sector have been recognized internationally. Dr. Maida’s appointment to the Board of Directors of the International Institute of Communications (IIC) is a testament to Nigeria’s growing influence in global telecommunications and digital innovation,” the statement added.

In recognition of their exceptional performance and dedication to promoting growth and development in their respective fields, the Renewed Hope Ambassadors voted in favor of the leadership of NUPRC and NCC.

The group called on other organizations to follow the lead of NUPRC and NCC and strive toward accomplishing the country’s development objectives.

EntekHub.com

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