Soaring Oil Price Great Opportunity, Says Buhari

Soaring Oil Price Great Opportunity, Says Buhari

President Muhammadu Buhari has remarked that with crude oil prices continuing to soar above $100 per barrel, there is no reason for Nigerians to miss out on the benefits, especially with the present Petroleum Industry Act (PIA).

Buhari spoke at the State House Abuja on Monday during the opening ceremony of the 5th edition of the Nigeria International Energy Summit (NIES 2022).

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He said, “Crude oil prices are on the rise again after turning negative in April 2020. It is a great opportunity for us as a country. With the Petroleum Industry Act (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.”

On harnessing gas resources, the president said “We will ensure further optimal exploitation and utilisation of the country’s vast natural gas resources.”