The Minister of State for Petroleum Resources Dr. Ibe Kachikwu said the oil sector needed huge investments to the tune of 100 billion dollars. Kachikwu said this while reeling off the urgent needs of the sector at the closing ceremony of the just-concluded maiden Nigeria International Petroleum Summit (NIPS) in Abuja.
“We need to look at investments. What we have done over the last two years has helped.“Suddenly we are looking at investment portfolios over the next two to three years of close to 40 billion dollars but 40 billion dollars is not enough to drive this industry.
“Our estimate is that you need about 100 billion dollars worth of investment to drive this sector. Those investments will go into gas projects, they will go into pipelines that have been replaced