By Moses Patience Chat
The Czech Republic, a country in central Europe, has signified investment interest in the oil and gas resources in Nigeria, following the decision of President Bola Tinubu’s to open up the country’s energy sector to private investors through fiscal policy reforms.
The Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, made this known in a statement on Monday after a bilateral meeting with Mr. Jozef Sileka the Minister of Trade in the Czech Republic.
At the bilateral meeting in Canada, both countries agreed to establish a government-to-government business agreement to enhance Nigeria’s oil and gas resources through new partnerships and suppliers.
Aduda assured the Czech official of Nigeria’s openness to engagement and recommended submitting an official request through the Czech embassy in Nigeria, outlining their requirements.
He assured of Nigeria’s commitment to exploring collaborative opportunities, promoting sustainability, and safeguarding its energy security.
The bilateral meeting was held on the sidelines of the Global Energy Show in Calgary, Canada, and discussions centered around energy safety, affordability, security, and sustainability across the value chain.
Aduda expressed Nigeria’s willingness to partner with the Czech Republic while highlighting the increasing number of Nigerian expatriates already contributing to the Oil and Gas Industry in the province.
He emphasized Nigeria’s interest in capacity enhancement and the adoption of carbon capture and storage technologies.
In a meeting with the Nigerian Business Community in Canada, Aduda said Nigeria was an attractive investment destination amid the global shift away from carbon-based fuels.
He reassured the community that Nigeria was prepared for investment, citing the recent removal of subsidies in the downstream petroleum sector.
The permanent secretary said the Government’s focus on gas as a transitional fuel, presented significant opportunities for businesses in the sector.
Aduda also highlighted the establishment of the Midstream Gas Infrastructure Fund and a N250 billion Central Bank of Nigeria (CBN) Intervention Fund dedicated to gas expansion and domestication initiatives.
At a ministerial panel discussion, Aduda expressed Nigeria’s concerns, regarding the volatility and uncertainty in oil prices as a result of Russia’s invasion of Ukraine.
“Nigeria heavily depends on oil exports for revenue generation, making any sharp decline in prices detrimental to the country’s economy,” he said.
He stressed the importance of ensuring a stable and reliable energy supply to sustain economic growth and meet the energy needs of Nigeria’s rapidly growing population.
