Abuja — Oil and gas account for 95 percent of the United Kingdom’s import from Nigeria, the British High Commissioner to Nigeria, Ms. Catriona Laing has said.
Laing speaking at the ongoing Nigerian Oil and Gas Conference in Abuja, also disclosed that the UK has over £5.5million investment in Nigeria and was looking forward to doubling the figure by 2030.
She assured that Britain would offer expertise to Nigeria as the country moves to deep offshore while expressing optimism that oil and gas will continue to be a part of the energy mix in the world for some time.
“Our investment in Nigeria is at £5.5milion and we are intending to double that by 2030. Nigeria is our third largest market in Africa and, oil and gas account for 95percent of our imports from Nigeria.
“The UK has 50years operating experience in the North Sea, so we have 50years experience in deep offshore exploration, engineering, and technology. We have the track records in oil and gas chains, British companies particularly in drilling technology, subsea engineering.
“Of course we recognise that oil and gas will continue to be a part of the energy mix for some time. We will continue to promote investment in upstream. We all have to work together to enable the transition from oil and gas intensive energy mix to a balanced with more renewables.”
The British envoy further pledged Britain’s commitment to supporting Nigerian businesses, while describing Nigeria’s business environment as the most interesting and most dynamic.
She also said Britain has high ambition for its trade partner nations like Nigeria while proposing four areas Nigeria must look into in order to tackle her too many bad barriers to investment.
These areas according to her are, “standardizing regulatory reforms, ensuring sanctity of contracts, resolve uncertainties around tax regime, and fourthly, ensuring a dependable independent judiciary.”
Also, Norwegian Ambassador to Nigeria, Mr. Jens-Petter Kjemprud, in his goodwill message urged Nigeria to use her oil and gas resources to improving electricity in the country.
Kjemprud also said Norway will continue to work with Nigeria and attract Norwegian investment to Nigeria, through the Nigeria-Norwegian chamber of commerce.
“Nigeria has to start the process from oil and gas to electricity. Norway has started the process, we have electricity production with 99percent hydrocarbon and we produce 36MW for 5million people, while Nigeria produces between 5000MW and 7000MW for 200million people.
“Nigeria must take international measures to stop environmental degradation, inspect oil theft. Gas flaring has to be stopped and taken advantage of,” the Norwegian Ambassador said.