Tinubu’s Reforms Will Unlock New Foreign Investors, Prospects For Nigeria – US Energy Secretary

Sweeping economic reforms undertaken by President Bola Tinubu have garnered positive reactions from the United States of America, (USA) which is now seeking to strengthen its ties with Nigeria through investments and economic collaborations.

U.S Assistant Secretary of State Bureau of Energy Energy Resources, Amb. Geoffrey Pyatt, who made this known in Abuja yesterday.

This is as the President Tinubu assured prospective investors in Nigeria that his administration will provide a better business climate for them to thrive.

Pyatt, who is on a working visit to Nigeria, led his team to meet with the permanent secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, group chief executive, Nigeria National Petroleum Company Limited (NNPC Ltd), Malam Mele Kyari, and top management of the Company.

Also present during the visit were the chief executives of the Nigeria Upstream Petroleum Regulatory Commission and Nigerian Midstream and Downstream Petroleum Regulatory Authority, Engrs. Gbenga Komolafe and Farouk Ahmed.

Pyatt said  the U.S team’s presence  was a reflection of U.S President, Joe Biden and the U.S Government’s commitment to its partnership with Nigeria.

According to him, “President Tinubu has made a very strong start which offers the prospect of unlocking new growth and new interest from foreign investors, including significantly the American companies that have historically played a very large role in the Nigerian Energy economy,” adding that the US also sees opportunities in terms of delivering more power for the citizens of Nigeria.

The team is in Nigeria to explore more opportunities in the areas of emerging technologies, investments, finance, carbon management, gas development and utilisation among others to attain energy security and transition.

Pyatt said it would key into investment, recognising the fact that President Bola Tinubu had offered to unlock new growth and interest from foreign investors, including significantly the American companies.

“You have to make decisions about how you need to continue to develop your resources in a way that will deliver benefits to the citizens of this country and also protect our shared environment.

Pyatt, while describing Nigeria as being at the heart of Africa, extolled Nigeria’s leadership which it exercised across the continent because of the globally significant assets it possessed.

He said the energy transition and the rapid shift to more sustainable sources of energy and the emergence of technologies to reduce carbon intensity of the fossil fuel being used were really bordering issues.

He said that Russia, having marginalised itself through its actions with Ukraine and the sanctions that followed and the implications for the global market, called for a tremendous opportunity.

Speaking, Amb. Gabriel Aduda, permanent secretary, Ministry of Petroleum Resources, who expressed satisfaction with the team’s visit described the U.S as a strong partner in Nigeria’s energy transition agenda.

“His Excellency, Ambassador Pyatt, is here with us to further the course of our engagements with the U.S in our collaboration to ensure a safer and healthier world and greener environment.

He emphasised that Nigeria and the U.S were working round the clock and very closely to ensure a better future globally.

Alos speaking, NNPC GCEO, Mele Kyari, lauded U.S for progressing its interventions in Nigeria and particularly in the oil and gas industry towards supporting Nigeria’s efforts to reduce emissions and create the right framework in knowledge and material support.

He expressed appreciation for the support the U.S rendered to Nigeria when it was making progress to bring the Petroleum Industry Act (PIA 2021) into place.

“And I am also aware that several supports are coming our way to increase our capacity to produce green energy in Nigeria as we progress towards enhancing gas development and penetration which is much cleaner for the environment.

“With this country being a very populous country, it is the perfect time for the U.S to support us towards accessing technology, financing as we continuously make efforts towards decarbonisation of our operations,’’ he said.

He said with this development, there was a clear indication that Nigeria was moving towards net zero emission by 2060.

Meanwhile, President Tinubu who had an audience with the founder and global chairman of BHARTI AIRTEL, Mr. Sunil Bharti Mittal, Africa group chief executive, Mr. Segun Ogunsanya, and their team at the State House, Abuja, said his administration will provide a conducive environment for businesses to thrive in the country.

President Tinubu in a statement by presidential spokesman, Dele Alake, recalled his historic connection with the telecommunication company when it started as Econet Wireless while he was  Governor of Lagos State, stating that he facilitated and supported the entry of the company into Nigeria to liberalise the telecommunication industry.

The Nigerian leader praised the growth of the company and welcomed the offer of partnership to further deepen economic growth and eradicate poverty among Nigerians.

He also commended the economic strength of India in Asia, noting how technology had helped the largest democracy in the world to pull millions out of extreme poverty.

“I have a connection with Airtel. We brought Econet to Nigeria when I was governor of Lagos State. I was a main promoter then because we needed to liberalise the telecom industry. The economy of Asia headed by India is very phenomenal because of reforms. We are ready to copy India.

“Digital economy is very crucial. We are not ashamed to copy any model that works. I congratulate Airtel for the growth of your business in Nigeria. We are looking forward to the growth and expansion of your 5G network in Nigeria. Airtel should continue to promote Nigeria.

“I assure you that your investment is very safe and will continue to grow. We are working to improve the business environment for all investors,” the President said.

In his presentation, the Global Chairman of Bharti Airtel, Mr. Mitall, congratulated President Tinubu and offered him the goodwill of his company and that of his country, India, noting that besides being a businessman and investor in Nigeria he is a member of Business Advisory Council of Prime Minister Narendra Modi.

Mr. Mitall showered encomiums on President Tinubu for the key decisions he has taken within just three weeks in office, which have put Nigeria back on global business reckoning.

“I came here to make a request, but I have to say thank you first. We are grateful for what you have done with the removal of fuel subsidy and fixing the foreign exchange. This will open a floodgate of foreign investments.  You have taken these bold steps. It is important to stand firm. Airtel is a robust telecom company and we are ready to serve Nigeria,’’ Mitall added.

The special adviser to the President on Monetary Policy, Mr. Wale Edun, in his remarks, said President Tinubu had always recognised the transformational power of technology and telecommunication for economic growth since his time as governor of Lagos State.

On the challenge of vandalism of telecom infrastructure, the Ogunsanya pleaded with the President to prioritise it as national security issue that should be addressed:

“It is in our interest to provide better service but we are always faced with the destruction of our infrastructure, especially our fibre optic cables. Telecom infrastructure should be taken as critical national assets that must be protected.

“We believe in the digital transformation of Nigeria. I am committed to this country because I am a Nigerian and this market is the biggest under my portfolio. We can take millions of our people out of poverty with the digital transformation of our economy.”