President Muhammadu Buhari has pledged to take advantage of the rising crude oil prices in order to ensure a stable oil sector in Nigeria.
Buhari made this pledge on Monday in Abuja, while declaring open the 5th Nigeria International Energy Summit (NIES).
The summit has as its theme: “Revitalising the Industry: ” Future Fuels and Energy Transition.”
Global crude oil prices went up to $104 per barrel on Monday following the ongoing hostilities between Russia and Ukraine.
Buhari, represented by Chief Timipre Sylva, Minister of State for Petroleum Resources, noted that this development “is a great opportunity for us as a country.
“With the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.
“There is now a level of certainty for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry has been addressed by the Act.
