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The Nigerian Federal Government has called on the United Arab Emirates to consider investing in the modernization and reconstruction of Nigeria's aging oil pipelines, which have exceeded their intended lifespan of over 50 years.
The government emphasized that Nigeria and the UAE share a common interest in continuing oil exploration, despite some calls for its abandonment.
During a meeting with a delegation from the UAE, led by Ambassador Salem Al Shamsi, the Minister of State for Petroleum (Oil), Heineken Lokpobiri, highlighted the significant investment opportunities in Nigeria and the urgent need for pipeline renewal.
He also assured the UAE investors that the investment models would be highly appealing.
"We are proposing that investors will recoup their money by transporting crude and recovering their investments through mutually agreeable charges.
"Nigeria has over 208 trillion cubic feet of gas, and we believe we can double or triple our gas reserves. We are also confident in our crude reserves, which we believe should be higher.
"The government is focused on resuming drilling campaigns to make more discoveries and eliminate bureaucratic delays. With the introduction of the Petroleum Industry Act, the NNPC is now aimed at making profits for shareholders and Nigerians.
"We assure the UAE that Nigeria is open for investments and committed to strengthening our relationship. The visa issue has been addressed, and we are happy about it."
Lokpobiri informed the ambassador that Nigeria and the UAE will keep utilizing their OPEC membership to collaborate, emphasizing that the Nigerian market offers significant opportunities for investment, including in LPG, CNG, and the entire oil and gas value chain.
He mentioned that Nigeria faces a shortage of the necessary funds for substantial investments in the oil sector, but highlighted that the UAE possesses billions of dollars that could potentially be invested in Nigeria and subsequently recouped by the investors.
