FG Urged To Provide Incentives To Drive Oil Investments – Group

Participants at the Nigerian Content Midstream and Downstream Oil and Gas Summit has urged The federal government to provide more incentives to drive oil and gas investments.

The summit which was organised  by the Nigerian Content Development and Monitoring Board (NCDMB) in Lagos appealed to the Central Bank of Nigeria (CBN) to create a unique forex window to facilitate seamless operations of modular refineries.

The two-day summit featured 11 papers and three panel sessions with the recommendation being part of the communique read by the manager, Corporate Communications, NCDMB, Mr. Esueme Dan Kikile.

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They also called for more investments in the supply chain for petroleum products while incentivising modular refineries, depots and free trade zones for local firms to thrive.

The participants also urged the federal government to divest from the petroleum depots and address the issue of inoperative pipeline infrastructure.

They tasked NCDMB on more consultations with stakeholders for solutions to the peculiar challenges confronting the petroleum sector, especially at the midstream and downstream.

The executive secretary of NCDMB, Engr. Simbi Kesiye Wabote, in his remarks, assured participants that their recommendations would be considered during policy formation.

Additionally, he promised that the board would work with relevant agencies to address some of the challenges identified that are outside the scope of the board’s mandate.