Austin Avuru, executive chairman and founder of AA Holdings Limited, has said the Nigerian oil and gas industry requires an annual $25 billion investment in the next 10 years to achieve efficient optimisation of its resources as the world moves towards cleaner energy.
Avurilu, a former CEO of Seplat Energy Plc, said this on Thursday at the ongoing annual conference of the Association of Energy Correspondents of Nigeria in Lagos.
“Investments have not come into the oil and gas sector since 2012. The average amount of investment in this sector peaked in 2011-2012.”
He said the country needs to reconstruct its energy policy plan and find a way to enhance local production capacity. “This capacity will generate a multiplier effect that can lead to our transition goal.”
Details to follow…