Nigeria’s membership of IEC will facilitate FDI – Onu

The Minister of Science and Technology, Dr. Ogbonnaya Onu, has called on both foreign and local investors to assist in building the energy resources in Nigeria as it will help facilitate Foreign Direct Investment (FDI) into  the energy sector.

The Minister stated this on Tuesday in Abuja when he declared open a two-day National Energy Summit organised by Energy Commission of Nigeria (ECN).

The event is in collaboration with the International Energy Charter (IEC), Brussels, Belgium.

He further stated that Nigeria’s membership of the International Energy Charter(IEC), approved by Mr. President  in 2016, would facilitate Foreign Direct Investment (FDI) into the energy sector.

According to Onu, the summit is aimed at highlighting how Nigeria’s membership of the body will deepen growth and development in the country’s energy sector for sustainable development.

“Nigeria is preparing for a post crude oil era, national gas utilisation is receiving a lot of attention.

Speaking on the ongoing transformation in the sector, the minister noted that the nation is preparing for a post crude oil era. “National gas utilisation is receiving a lot of attention. Our methanol utilisation policy is aimed at increasing the use of natural gas in the production of both fuel and electricity generation.

“This will help stop gas flaring in the country, protect and preserve our environment, as well as diversify the energy sector of our economy, and we are also investing in both research and renewable energy in the country,” he added.

Earlier, the Secretary General of Energy Charter Secretariat, Brussels, Dr. Urban Rusnak said energy transition would fit everyone especially with the need to save energy for the benefit of all.

While delivering his keynote speech virtually, Rusnak assured to support and work to mobilise  the multi-stakeholder corporation for action in Nigeria.

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