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Nigeria-Saudi Arabia investment plan in limbo as FG fumbles

Re-Ignite / Business  / Nigeria-Saudi Arabia investment plan in limbo as FG fumbles

Nigeria-Saudi Arabia investment plan in limbo as FG fumbles

A much trumpeted oil and gas investment plan between Nigeria and Saudi Arabia that would have addressed key challenges in the downstream sector, including establishment of refinery has been left in limbo.

The development, hinged on the inability of the Federal Government to follow up after endorsing a draft pact by the Kingdom of Saudi Arabia, The Guardian learnt yesterday, messed up the opportunity.

The expectations were that if the deal became feasible, Nigeria could address oil and gas infrastructure shortfall hovering around N18 trillion and stabilise economic development, particularly by blocking leakages, addressing pipeline infrastructure and vandalism challenges as well as spurring industrial activities through gas sector development.

 Senior Special Assistant, Media and Publicity to the President Muhammadu Buhari, Garba Shehu simply redirected this media house to the Ministry of Foreign Affairs as well as Ministry of Trade and Investment, even though the plan was initiated by the President, who doubles as Minister of Petroleum and spearheads the Ministry of Petroleum Resources.

Source:https://guardian.ng/business-services/business/nigeria-saudi-arabia-investment-plan-in-limbo-as-fg-fumbles/

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