Business
Nigeria Secures $13bn Investment Pledges From IOCs
Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies.
Special Adviser on Energy to President Bola Tinubu, OluVerheijen, revealed this in a Statement made available to newsmen, Weekend.
Verheijen said the President and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have met with representatives of 15 oil and gas companies operating in Nigeria and have secured their commitment to invest in Nigerian oil and gas.
In his words, “we are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and forex to stabilize our economy and currency.
“And the oil and gas sector remain critical to our ability to do so despite current production levels falling significantly short of our potential”.
Recall that President Tinubu’s Spokesman, AjuriNgelale, had earlier stated that Exxon would boost its crude oil production in Nigeria by an additional 40,000 barrels per day (bpd).
Currently, Nigeria’s oil production is around 1 million bpd below its capacity.
The Federal Government has cited a lack of investments, shortage of funding sources because of the energy transition, and insecurity as among the factors driving the situation.
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“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
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