Renaissance, Bonga, Oando, others drive $100bn oil-related investments in Niger Delta

…as Chambers of Commerce warns against militancy, conflict

Over $100 billion oil related investments are said to be heading in the oil region of Niger Delta in the next five years.

The Niger Delta Chambers of Commerce, Industry, Trade, Mines, and Agriculture (NDCCITMA), which broke the news in Port Harcourt on Monday morning at Echelon Heights on Ken Saro Wiwa Road, however said there is need for all stakeholders to give peace a chance to revive the economic fortune of the oil region.

Idaere Gogo-Ogan, Chairman of the newly formed Chambers midwifed by the Samuel Ogbuku-led Niger Delta Development Commission (NDDC), made it clear that the Niger Delta region had suffered a steady decline over the decade, but said the region is the most stable entity in the past two years.

Gogo-Ogan identified some of the investments, mentioning which was formed to buy Shell’s onshore assets in the oil industry in the region. He said Renaissance is set to invest $20 billion to develop 30 oil wells in its aggressive pursuit to move its oil production to over 400% of what it inherited within the investment circle.

Explaining further in an interview, Gogo-Ogan mentioned the Bonga South West, saying its proposed investment is close to another $30 billion.

“There is Oando acquisition of Agip that is close to $1 billion. If you add other marginal field operators and acquisitions, it is close to $100 billion right off my head. This is big business and all of this is happening here in the Niger Delta.

“You cannot but see positive image of the Niger Delta. If it were truly so bad, all these investments could not be taking place”, he said.

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Answering another question, the chairman said blue economy is not a thing of the future for people of the Niger Delta. “This is because our local economy sits right in the blue economy

“We in this region cannot allow blue economy to slip through our hands the way oil/gas did, but I cannot fix the exact time our efforts will deliver tangible results. We can only continue to put in our best efforts into it.

“Security is better in the oil region in the past two years. Important persons are coming back to the region to reside. I am now residing in my Okrika community, not just in the GRA in Port Harcourt, but I had fled in the past. Now, we are back”, he added.

On the impact of political acrimony tearing the region apart and scaring away investors, the chairman who said he too fled the region and has just come back, said, “We are dialoguing with the political class to reach common grounds to tone down so investors will return to the oil region and for economic progress in the Niger Delta.

“This is to seek their support. Governor Sim Fubara is governor of my State. He is fully in support of peace and investment. He has given us the Obi Wali International Cultural Centre for the investment exhibition.”

On the expected success of the summit, he said it is the biggest economic summit ever held in the Niger Delta. “Corporate Nigeria is coming here, and the global financing groups will be here.

“The Prime Minister of Barbados, Mia Amor Mottley, is the keynote speaker, bringing a global perspective on economic and strategic development.

“President Tinubu is coming. We know that Barbados has a link with Rivers State because it was the place King Jaja of Opobo was sent to on exile. The prime minister wants to spend two days in Rivers State. It’s a tourism piece.”

He made it clear that the Niger Delta region is now safe for investments.

“In fact one of the safest regions. We thank God for President Tinubu for that and for the stability of the region right now

“There is no better time than now to come to the Niger Delta to invest. We are ready to support investments, any kind with any kind of collaboration, engagement, etc”, he noted.

On the fate of fossil fuel and the perception of the global community, he said that topic is a global matter. “Everybody knows that fossil fuel will one day come to an end, but it is also very important to maximize it while it lasts. So, we continue to optmise its use knowing very well it has time out.

“What is happening in the Middle East will show you that hydrocarbon is still a central part of global energy mix. We will continue to leverage the opportunities it brings such as employment and wealth creation”, he added.

In his opening remarks, Solomon Edebiri, the Secretary of the NDCCITMA and chairman of the summit organising committee, said the summit would serve as a platform to present bankable projects and sector-specific opportunities.

He mentioned areas of focus as to facilitate business-to-government engagements; share policy insights and reform priorities; and enhance support systems for SME’s and young entrepreneurs.

He said, “We recognise that unlocking these opportunities requires addressing key challenges such as infrastructure gaps, access to finance, regulatory complexities, and environmental sustainability. Innovation will be central to our conversations because the future of the Niger Delta depends on this.”