General news

Nigeria’s CIS membership will facilitate FDI – Minister




By Sylvester Thompson

Minister of Science and Technology Dr Ogbonnaya Onu expressed optimism that Nigeria‘s accession to the International Energy Charter (IEC) would facilitate foreign direct investment in the energy sector.

The minister said so in Abuja on Tuesday when he declared open a two-day national energy summit organized by the Nigeria Energy Commission (ECN) in collaboration with the IEC, in Brussels.

Nigeria’s NAN news agency reports that the body’s composition was approved by President Muhammadu Buhari in 2016.

UN said the IEC and ECN had conducted Energy Investment Risk Assessment (EIRA) studies of the Nigerian energy sector, which would be presented by the IEC secretariat at the summit.

According to him, the summit seeks to highlight how Nigeria’s adherence to the International Energy Charter will enhance the growth and development of Nigeria’s energy sector for sustainable national development.

He noted that the energy sector was undergoing many transformations and that reforms within the sector were underway.

“Nigeria is gearing up for a post-crude oil era, domestic gas use is getting a lot of attention.

“Our methanol policy aims to increase the use of natural gas in the production of fuel and electricity.

“This will help stop gas flaring in the country, protect and preserve our environment as well as diversify the energy sector of our economy and we are also investing in research and renewable energy,” he said. .

The minister called for foreign and local investments to help build the infrastructure necessary for efficient exploitation of the enormous energy resources available in the country.

He also said the government provided incentives to encourage this investment, adding that the return on investment was very favorable.

In his welcoming speech, Professor Eli Bala, Director General of Nigeria’s Energy Commission, said the summit’s goals were to highlight how CIS membership would facilitate energy sufficiency.

He said energy sufficiency and sustainable economic growth in Nigeria can only be driven by active participation of the private sector as stated in the national energy policy.

“Thus, the Energy Investment Risk Assessment (EIRA) reports, which highlight the risks of investing in the Nigerian energy sector, also reveal the flip side that would minimize or eliminate the risks.” , did he declare.

He added that in order to move from an observer state to the Energy Charter Treaty (ECT) to a full signatory, three country study reports were imperative.

He said these would include a report on investment climate and exceptions to national treatment, a membership report on energy efficiency and a report on the harmonization of national laws and regulations with ECT.

In his keynote address delivered virtually, Dr Urban Rusnak, Secretary General of the Energy Charter Secretariat in Brussels, said that the energy transition should be suitable for everyone and the need to save energy for the benefit of all.

“We need to work together to mobilize multi-stakeholder society to take action in Nigeria,” he said.

The highlight of the opening ceremony was the goodwill messages from the ministers of environment, oil, industry, trade and investment, among others.


Short Link:


NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @

Coronavirus – Rwanda: COVID-19 update (May 6, 2021) JUSUN, PASAN strike to end soon – FG Coronavirus – Eswatini: COVID-19 daily update (May 6, 2021) Jagun emerges new president of computer professionals council Coronavirus – Eritrea: Ministry of Health announcement (May 6, 2021) Lagos to connect 100 schools to internet in May – Sanwo-Olu #EndSARS: Insurance companies pay N4bn claims – NIA NCDC confirms 28 new COVID-19 infections in Nigeria Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 6, 2021) Manchester United cruise into Europa League final, Arsenal slump Mining Indaba expands advisory board for 2022 Kogi Gov., Bello commiserates with Pastor Adeboye over son’s demise Angolan Petroleum Agency to host question and answer sessions for next application cycle FG inaugurates committees on National Policy on welding Coronavirus – Kenya: COVID-19 update (May 6, 2021) Leadership Centre, UNDP train 5000 civilian JTF in Yobe, Adamawa Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 6, 2021) Player fined about N2.5m, banned for slapping opponent FROM THE FIELD: Ugandan conflict survivor helps communities find ‘ways forward’ Former LRA leader, former child soldier, sentenced to 25 years in prison Coronavirus – Eritrea: Ministry of Health announcement (May 5, 2021) Day of the Midwife: Invest in midwives to save more lives — UNFPA Liquid Telecom unveils new identity, Liquid Intelligent Technologies in Botswana as it establishes itself as the digital services partner of choice for African businesses Buhari salutes ex-NSC DG Al-Hassan Yakmut at 60 Chelsea whip Real Madrid to reach Champions League final Video press release: Weekly press briefing on the coronavirus epidemic Enugu State inaugurates board for universal health coverage Video Press Release: WHO Africa COVID-19 Online Briefing Singer Paul Okoye hits 1m subscribers on YouTube, receives gold plaque Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 5, 2021) Coker resumes as NTDC boss WAPA reiterates commitment to vulnerable women in Lagos Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 5, 2021) EU moots military training mission to Mozambique – Official Vaccine shortage increases risk of COVID-19 resurgence NECO releases 2020 SSCE results Rugby Africa Mulligrubbers #AfricaAsOne with the launch of the men’s seven-a-side solidarity camp China ready to discuss COVID-19 vaccine patents within WTO Energy Capital & Power, Equatorial Guinea partner for an investor report, a documentary and an American event Insecurity: Lawyers back creation of state police Niger: the new government should investigate the massacres Popular OAP Lolo 1 and her children survive car accident Burna Boy’s ‘Ye’ certified Gold in the U. S. Airport flyover rehabilitation begins, FG awards contract WHO publishes recommendation on maximum salt levels in foods Lagos places 4,000 unemployed graduates on N40,000 monthly salary FIFA and Gianni Infantino welcome the decision of the Swiss Federal Criminal Court to challenge the extraordinary federal prosecutor NDLEA arrests grandma, granddaughter with 192kg cocaine in Ondo Engineers laud FG, Lagos Govt. high on infrastructure delivery AstraZeneca Africa PUMUA Initiative celebrates World Asthma Day with delivery of the first PUMUA nebulization stations in 4 countries