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Buhari plans $10b development fund for Niger Delta.

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NEWS: Buhari plans $10b development fund for Niger Delta. [New Naija News] » Naijacrawl
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Buhari plans $10b development fund for Niger Delta.




The Nigerian government seems tired of the struggle in the Niger Delta and has now decided to act in the interest pf peace,Dr Ibe Kachikwu, the minister of state for Petroleum, has revealed what government plans to do in the region The federal government under President Muhammadu Buhari is planning a $10 billion infrastructural investment programme in the Niger Delta, Premium Times has reported.

The report quoted Buhari as revealing this in Abuja while unveiling the Seven Big Wins roadmap, a short to medium term strategy framework to grow Nigerias oil and gas sector.

To ensure the project is successful, as well as bring peace to the oil-producing region, the president said he would soon meet with leaders from the Niger Delta area.

Buhari said his government was tired of the terrible situation in the Niger Delta which involves violent attacks on oil installations by militants and agitators.

He said the region must now be secured and that the people must live in peace and enjoy prosperity through positive investments and infrastructural development.

Dr Ibe Kachikwu, the minister of state for Petroleum, also reportedly said: Niger Delta security is key to our development priorities, Minister of State for Petroleum Resources, Ibe Kachikwu, said at the unveiling.

On Tuesday, the president we will be meeting with the Niger Delta stakeholders of oil producing areas.

It is important we continue to sustain the institutional engagement and negotiations that are key to do this work.

Our target is zero militancy by middle of 2017, and an incident reduction in the region by 90 percent by 2018.

Whatever shutdown experienced by middle of next year, we expect it to be production stoppages and not militancy issues.

We must resolve current militancy problems ad bring back oil production to 2.2 million barrels per day.

We are working with the oil sector players to begin to find solutions to our cash call problems.

We need to create stability incentive schemes, jobs and investment opportunities in the Niger Delta zone.

We are targeting 30 per cent cost savings, which we can link to transparency.

He said the fund meant for the Niger Delta will not be part of the budget, adding:

What is most important is not the amount of the fund; its the conceptualization of that funding.

Governors will have to come together as a regional block to look at cross-state investments in roads, railways, town facilities or specialist hospitals.

We are going to pool in energy and ensure we look at cross border investments to strengthen the region.

He further revealed that the government was taking a look into the amnesty programme to include absorption of some of the trained former militants and funding for those who want to start up their own businesses. The minister said:

My vision is to encourage private sector to go into Lake Chad basin and find oil. We are targeting to raise over $5 billion in short term funds for this, and over $20 billion in medium to long term funds.

We need to cut contractual times for average of two years to average of three to six months.

We need to reduce government stronghold on the oil sector, so that the private sector can flourish grow in leaps and bounds.

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