American oil firm, Barker Hughes, has shown interest in investing in local refineries as Nigeria seeks to halt petroleum product imports, aiming to reduce pressure on the country’s foreign exchange market caused by the need for imported petroleum products.
During a meeting with Senator Heineken Lokpobiri, Minister for State Petroleum Resources (Oil), on the sidelines of the 28th United Nations Climate Change Conference (COP28), Lorenzo Simonelli, Chairman, President/CEO of Baker Hughes, expressed their keenness to sustain and expand their investment within Nigeria’s oil and gas sector, particularly indicating readiness to invest in refining facilities.
In a statement from the minister’s media aide, Nneamaka Okafor, the meeting was highlighted as a crucial step in the government’s efforts to draw investment into the oil and gas industry.
Simonelli highlighted Baker Hughes’ commitment to supporting the energy transformation initiatives of President Bola Ahmed Tinubu’s administration, expressing a willingness to collaborate with the Federal Government to promote sustainable energy practices in line with COP28 objectives.
“Nigeria boasts vast potential across various sectors. As a longstanding partner with the federal government, we are inclined to direct our investments towards the refinery segment of the oil and gas industry. We are eager to contribute and support the early stages of this endeavor,” stated Simonelli.
In response, Senator Lokpobiri praised Baker Hughes for its enduring partnership in Nigeria’s energy sector, assuring the delegation of the government’s dedication to fostering an accommodating environment for refinery investments. He assured them of the government’s commitment to facilitating Baker Hughes’ investment plans, aligning with the broader goals of the current administration.
“We welcome your interest in our oil and gas sector and appreciate your recognition of government policies. With the Petroleum Industry Act (PIA), we’ve established a framework that ensures an attractive investment climate,” added Lokpobiri.