{"id":13366,"date":"2022-02-28T14:43:11","date_gmt":"2022-02-28T14:43:11","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=13366"},"modified":"2022-02-28T14:43:11","modified_gmt":"2022-02-28T14:43:11","slug":"rising-crude-oil-prices-great-opportunity-for-nigeria-buhari","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/02\/28\/rising-crude-oil-prices-great-opportunity-for-nigeria-buhari\/","title":{"rendered":"Rising crude oil prices great opportunity for Nigeria \u2014 Buhari"},"content":{"rendered":"<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\">President Muhammadu Buhari says rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act (PIA).<\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\"><\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\">The News Agency of Nigeria (NAN) reports that Buhari said this on Monday in Abuja, while declaring open the 5th Nigeria International Energy Summit (NIES).<\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\"><\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\">The summit has as its theme: \u201cRevitalising the Industry: \u201d Future Fuels and Energy Transition.\u201d<\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\"><\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\">Global crude oil prices went up to $104 per barrel on Monday following the ongoing hostilities between Russia and Ukraine.<\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\"><\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\">Represented by Chief Timipre Sylva, Minister of State for Petroleum Resources, the president noted that the summit had\u00a0 been of great value in terms of policy input for government and business development resource for the private sector.<\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\"><\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\">He said: \u201d\u00a0Crude\u00a0oil prices are on the rise again after turning\u00a0\u00a0negative\u00a0in April 2020. It is a great opportunity for us as a<\/div>\n<div dir=\"auto\" style=\"color: #222222;font-family: -apple-system, system-ui, BlinkMacSystemFont, 'Segoe UI', Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol';font-size: 17px\">\n<div dir=\"auto\">country.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cWith the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cThere is now a level of certainty<\/div>\n<div dir=\"auto\">for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry has been addressed by the Act.\u201d<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Buhari said to demonstrate the government\u2019s seriousness,\u00a0 the administration did not waste time with the implementation of PIA.<\/div>\n<div dir=\"auto\">\n<div dir=\"auto\">\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cWe moved quickly and scrapped the existing agencies and replaced them<\/div>\n<div dir=\"auto\">with new ones. We have inaugurated their new Chief Executives too.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cWe also ensured the incorporation of the <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/02\/10\/nnpc-list-out-importers-of-bad-petrol-vows-to-take-effective-action\/\">Nigerian National Petroleum Company Limited (NNPCL<\/a>) under the Companies and Allied Matters Act (CAMA).<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cThe NNPCL is a limited liability company now and our target is to make it the biggest, the most capitalised and the most profitable company in the whole of Africa,\u201d he said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The president further told the summit that Nigeria had adopted gas as its transition fuel as the world moves towards cleaner sources of energy.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">He said this informed the administration\u2019s Decade of Gas Initiative, which aims to transform Nigeria into a gas-based industrialised nation through enhanced and accelerated gas revolution.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Buhari said: \u201d We will ensure further optimal exploitation and utilisation of the country\u2019s vast natural gas resources.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cGiven the country\u2019s potential of about 600 trillion cubic feet, natural gas has the enormous potential to diversify and grow Nigeria\u2019s economy.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201d We are fully aware that energy transition raises the bar in terms of environmental, social and governance demands.<\/div>\n<\/div>\n<div dir=\"auto\">\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cWe do not have to panic. We are already building blocks and bricks that will ensure seamless energy transition as the country joins in the race for net zero carbon emission.\u201d<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The president said Nigeria was prepared to face the global demand for cleaner energy sources with the enactment of PIA, successful completion of the 2020 marginal oilfields bid round and the decade of gas initiative.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<div dir=\"auto\">\n<div dir=\"auto\">\n<div dir=\"auto\">\u201cWe are waiting to deliberate on the strategy paper from this summit and incorporate critical parts of it into government\u2019s policies where necessary,\u201d he said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<p style=\"margin: 0px 0px 1.5em;padding: 0px;border: 0px\">\u00a0Global energy leaders are discussing the way forward and strategies for management of Africa\u2019s huge energy resources at the summit.<\/p>\n<p style=\"margin: 0px 0px 1.5em;padding: 0px;border: 0px\">The summit, which opened on Monday, will end on March 3.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Muhammadu Buhari says rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act (PIA). The News Agency of Nigeria (NAN) reports that Buhari said this on Monday in Abuja, while declaring open the 5th Nigeria International Energy Summit (NIES). The summit has as its theme: [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":13397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[7],"tags":[2729,2589,832],"class_list":["post-13366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-nigeria-international-energy-summit","tag-petroleum-industry-act-pia","tag-president-muhammadu-buhari"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rising crude oil prices great opportunity for Nigeria \u2014 Buhari &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/02\/28\/rising-crude-oil-prices-great-opportunity-for-nigeria-buhari\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rising crude oil prices great opportunity for Nigeria \u2014 Buhari\" \/>\n<meta property=\"og:description\" content=\"President Muhammadu Buhari says rising crude oil prices present a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act (PIA). 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