President Muhammadu Buhari had a piece of advice for the Nigerian National Petroleum Company Limited (NNPCL) yesterday: it must avoid a repeat of the Niger Delta experience in the North.
He gave the admonition during the inauguration of the Kolmani Integrated Development Project (KIPRO) in Barambu (Gongola Basin), a community between Bauchi and Gombe states.
The project is the first oil production venture in the North.
The President told the NNPCL and other stakeholders to learn from the nation’s experience with oil production in the Niger Delta.
He said despite the diminishing interest towards fossil fuels globally, Nigeria has managed to attract over $3 billion worth of investment in the project.
The President listed the pitfalls to include, among others, environmental degradation, communal crises and youth restiveness.
He said they must not allow the circumstances that created unpleasant experiences in the country’s oil production activities.
According to him, stakeholders in the multi-dollar business must follow the path of harmonious relations with local communities.
He said: “We are pleased with the current discovery of over one billion barrels of oil reserves and 500 billion Cubic Feet of Gas within the Kolmani area and the huge potential for more deposits as we intensify exploration efforts.
“It is good to note that the discovery has now attracted investment for an end-to-end integrated development and monetisation of the hydrocarbon resources.”
“As a fully integrated in-situ development project, comprising upstream production, oil refining, power generation and fertilizer, the project promises many benefits for the nation.
“These include, but are not limited to, energy security, financial security, food security as well as overall socio-economic development for the country.
“It is, therefore, to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over USD 3 billion to this project.”
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Photo Credit: Getty