Inadequate investment in the downstream sector of Nigeria’s oil and gas industry is responsible for the perennial fuel scarcity
Chief Executive Officer of Pinnacle Oil and Gas Limited, Peter Mbah, stated this while briefing state house correspondent in Abuja
He said the company had, on its part, invested about $1bn to address the sluggish pace of investment in the downstream sector.
“So, we are indeed expecting that more investment in the downstream subsector would completely eliminate the sort of scarcity we are witnessing today” the Pinnacle boss told newsmen shortly after his company’s board of directors paid a thank-you visit to President Muhammadu Buhari in Aso Rock Villa, Abuja.
Mbah, said his company’s intervention and investments from other Nigerians in the downstream sector would lessen the frequency of fuel scarcity.
“There has been a deficit in the set of investments Pinnacle has done in the last decades. But what we’re doing right now, is to address that stagnation of investment in the downstream oil and gas industry.
“This is an investment size of about $1bn. So we are expecting to see more of such investments because what the Pinnacle has done is create some efficiency in the supply and distribution value chain of the downstream sector.
Bello Wakili