Following the approval of a new fuel and oil policy, the Federal Government is working to improve business surroundings, main to elevated investor exercise and power provide, thus bettering costs of products and companies.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who made this disclosure at Light up Nigeria convention organized by Brandzone Consulting, stated that authorities has taken daring steps to restructure the nation’s fuel business such that it’s going to play a crucial function within the industrialisation initiative of the nation.
Kachikwu in his remarks on the convention in Lagos yesterday, with the theme, “Repositioning the energy sector for growth” stated the approval by the Federal Executive Council (FEC), of the county’s fuel policy was a clear indication of presidency’s readiness to totally faucet the alternatives out there within the midstream sector of the business.
The minister who was represented by his Special Adviser, Technical Adiniji Gbite, defined that the fuel policy has definitely offered the trail to sort out all of the recognized challenges within the sector and its implementation will certainly lead to long-term improvement plan.
He assured that it will stimulate aggressive surroundings that can be engaging to overseas and native traders.
According to him, figuring out that pure fuel can be an important a part of the longer term power combine because the world strikes to a low carbon future.
Kachikwu burdened that the nation’s reform programmes for the fuel sector is about out within the National Gas Policy and can moreover be clarified by proposed laws that may sort out fuel commercialization and with very clear guidelines or fuel actions from the upstream, midstream and downstream sectors.
The laws, he defined will deal with fuel as an impartial commodity quite than a by-product of oil manufacturing and likewise explains the fiscal regime, including that the laws may also herald a simplified however clearly outlined licensing administration which is able to regulate the licensing of operators all through your entire worth chain.
He stated authorities recognises the advantages of pure fuel as a part of its efforts to meet the nations power want and environmental tasks, and accordingly the fuel policy articulates a imaginative and prescient for the sector and units policy objectives.