The Federal Government has said the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline project is at 43 per cent completion. The Nigerian National Petroleum Company Limited (NNPCL) Managing Director Mele Kyari said when completed, the gas from the AKK pipeline would lead to an additional generation of 5 Gigawatts of electricity.
Vice President Yemi Osinbajo stated that before declaring open the 2023 Nigeria International Energy Summit (NIES) with the theme: ‘Global Perspective For a Sustainable Energy Future’ yesterday in Abuja.
According to him, the project will further boast the economy. Represented by Secretary to the Government of the Federation (SGG) Boss Mustapha, he said the Muhammadu Buhari administration came on board in 2015 to meet a petroleum industry confronted with several challenges.
The VP said: “We dismantled some of those challenges And a lot of people in this room work closely with us to make things happen. “Energy was and would remain a top priority of this administration till my last day in office.
“That is the reason we paid close attention to a lot of reforms in the sector. “We embarked on all these reforms not just because it is good for the energy industry, but because it is also good for the overall economy.
“And our efforts indeed helped grow our economy and created a lot of jobs.” Osinbajo said the Federal Government raised N200 billion and $7 million (about N3.2 billion using an import and export window of N460.93 to a dollar) from the marginal oil field licencing round which was held in 2022 and has in the past few years moved to provide a conducive business environment for companies operating in the industry.
He said: “We have also reinvigorated the private sector in the industry. “We ensured an attractive framework for the indigenous companies to take advantage of divestment by international oil companies.”
