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Published On: Thu, Apr 24th, 2014

Oil and Gas sector: FG wants more domestic, foreign investments

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By Clem Khena-Ogbena

The Federal Government has expressed strong desire for more domestic and foreign investments in the country.

The minister of state, Industry, Trade and Investment and supervising minister of Aviation, Dr. Samuel Ortom, stated this on Tuesday, in Abuja, while inaugurating the Organising Committee of the 2014 Nigeria Oil and Gas Trade and Investment Forum.

Ortom, who charged the 18-member committee, drawn from different sectors of the economy to work very hard to ensure that the 2014 Forum recorded a better success by attracting more local and international investors into the country, also said that the current administration was committed to consolidating the success so far achieved in the oil and gas sector.

He added that the Federal Government was also determined to support the promotion of Onne Oil and Gas Industry, in the Sub-Saharan region.

The minister stated, “Considering the importance attached to this forum and the success recorded in the previous editions, particularly with regards to investment drive, the ministry expects the organising committee which I will constitute soon to work assiduously to ensuring that this year’s forum records a better success in the area of attracting more domestic and foreign investment to the sector.”

Meanwhile, the chairman of the organising committee and director of trade of the ministry, Mrs. ChidiIkpechukwu, promised that this year’s Oil and Gas Forum, at Onne, Rivers State, would be better than that of last year.

The terms of reference of the committee include, among others: To organise a two- day Trade and Investment Forum on Oil and Gas from 30th to 31st October, 2014, in order to showcase Onne Oil and Gas Free Trade Zone as a successful free trade zone in Nigeria. To mobilise relevant stakehoders, public and private sectors (local and foreign) for the forum .To mobilise dignitaries, including Mr. President or Mr, Vice President, ministers, legislators, and ensure their participation at the forum .To mobilise for sponsorship both public, corporate, private and individual for the forum .To determine the content and package the event similar to the OTC being organised in Huston, Texas, USA.

Others are: To monitor and follow up the outcomes of the forum. To submit report of the forum to the ministry latest end of November 2014. To prepare and submit necessary draft memos by the committee to the ministry for transmission to the Federal Executive Council, latest in December, 2014, and to engage in any other activity that is in the interest of the forum.

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