FG urged to develop social investment plan with oil proceeds

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As President Muhammadu Buhari incorporates the Nigerian National Petroleum Company (NNPC) Limited and appoints members into its board, an oil and gas expert, Camillo Atampugre, has advocated a social investment plan that utilises proceeds from the oil and gas sector to stimulate impactful growth across the country.

The President had, in his capacity as Minister of Petroleum Resources, directed the incorporation of NNPC Limited in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to seek incorporation of the company within six months of commencement of the Act.

According to Atampugre, the oil and gas sector remains a key channel of revenue for most African countries, with the sector accounting for an estimated 20 per cent of the continent’s Gross Domestic Product (GDP).

Atampugre, who is the Director of Resources and Energy, Absa Securities in the United Kingdom, made this known while laying bare Absa Investment’s focus, which aims to drive sustainability and advocate a wider pivot to the Environmental, Social and Governance (ESG) initiatives across the oil and gas sector. 

He said considering the contribution of the sector to the economy, a strategic approach to the adoption of cleaner energy is advisable to forestall a sudden snap that could hamper the attainment of the shorter to medium terms growth projection on the continent. 

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