Connect with us

News

Nigerian govt got over $3bn investment for Kolmani project – Buhari

Published

on

President Muhammadu Buhari said on Tuesday the Federal Government attracted $3 billion in investment into the Kolmani Integrated Development Project.

The oil project which lies between Gombe and Bauchi is the first of its kind in the North.

It is a fully integrated in-situ development project comprising upstream production, oil refining, power generation, and fertilizer.

Buhari, according to a statement issued by his Special Adviser on Media, stated this at the inauguration of the project in Bauchi.

He said: “Considering the landlocked location and the huge capital requirement, the economics of the project is a challenging proposition.

READ ALSO: Buhari govt’s investments in infrastructure, agriculture biggest in Nigeria’s history – Osinbajo

“Consequently, from the outset, I instructed the Nigerian National Petroleum Company (NNPC) Limited to utilize and leverage its vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment.

“It is therefore to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able to attract investment of over $3 billion to this project.”

He commended NNPCL and its partners for the successful discovery of oil and gas in the Kolmani River Field.

The president added: “The huge investment the project had attracted will surely be a reference subject for discussion in the industry as we pursue the just energy transition programme that will culminate in our country achieving Net- Zero position by the year 2060.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now