• Monday, December 11, 2023
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Nigeria’s oil sector needs $25bn annual investment, says Avuru

Nigeria’s oil sector needs $25bn annual investment, says Avuru

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.

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“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…