{"id":38277,"date":"2021-11-22T11:59:47","date_gmt":"2021-11-22T11:59:47","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=38277"},"modified":"2021-11-22T11:59:48","modified_gmt":"2021-11-22T11:59:48","slug":"lack-of-investments-in-hydrocarbon-hampers-growth-of-oil-nations","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/lack-of-investments-in-hydrocarbon-hampers-growth-of-oil-nations\/","title":{"rendered":"Lack of investments in hydrocarbon hampers growth of oil nations"},"content":{"rendered":"<p>The Nigerian Content Development and Monitoring Board, NCDMB, has hinged the lack of capital investments on hydrocarbon development projects as the bane of oil-producing countries such as Nigeria.<\/p>\n\n\n\n<p>This Executive Secretary of NCDMB, Mr Simbi Wabote, said at the 9th&nbsp;&nbsp;Anniversary Lecture and Investiture into the Realnews Hall of Fame, last week in Lagos.<\/p>\n\n\n\n<p>Nigeria\u2019s rig count (a measure of exploration and production activities) dropped significantly by 38.5 per cent to 75 in the first 10 months of 2021, an indication of less investment in the sector.<\/p>\n\n\n\n<p>However, Wabote, in his keynote address maintained that fossil fuel remains a very significant part of the energy mix required for industrializing the continent.<\/p>\n\n\n\n<p>He stated: \u201cRevenues obtained from the sale of the hydrocarbon resources would remain \u201ckey drivers of the economies of the African oil and gas producing countries\u201d.<\/p>\n\n\n\n<p>\u201cThe pullback of investments on hydrocarbon development projects is indeed a challenge for oil-producing countries such as Nigeria.<\/p>\n\n\n\n<p>\u201cThe key areas of focus that could be used to address this challenge included the collaborative platform provided by the African Continental Free Trade Area, AFCFTA, to provide funding and the technology required to operate and develop hydrocarbon projects.<\/p>\n\n\n\n<p>\u201cThe second is to have in place an investment-friendly law such as the Petroleum Industry Act (PIA) 2021.<\/p>\n\n\n\n<p>This will come in handy to attract much-needed funds for project developments when the effect of the premature halting of new hydrocarbon projects lead to supply shortages with attendant unbearable price hikes.\u201d<\/p>\n\n\n\n<p><a href=\"https:\/\/www.vanguardngr.com\/2021\/11\/low-investments-on-hydrocarbon-projects-affecting-nigeria-others-wabote\/\">Source<\/a><\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-38277\" data-postid=\"38277\" class=\"themify_builder_content themify_builder_content-38277 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The Nigerian Content Development and Monitoring Board, NCDMB, has hinged the lack of capital investments on hydrocarbon development projects as the bane of oil-producing countries such as Nigeria. This Executive Secretary of NCDMB, Mr Simbi Wabote, said at the 9th&nbsp;&nbsp;Anniversary Lecture and Investiture into the Realnews Hall of Fame, last week in Lagos. Nigeria\u2019s rig [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":38278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[235],"tags":[66],"class_list":["post-38277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-resources","tag-investment","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lack of investments in hydrocarbon hampers growth of oil nations - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/lack-of-investments-in-hydrocarbon-hampers-growth-of-oil-nations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lack of investments in hydrocarbon hampers growth of oil nations - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Nigerian Content Development and Monitoring Board, NCDMB, has hinged the lack of capital investments on hydrocarbon development projects as the bane of oil-producing countries such as Nigeria. This Executive Secretary of NCDMB, Mr Simbi Wabote, said at the 9th&nbsp;&nbsp;Anniversary Lecture and Investiture into the Realnews Hall of Fame, last week in Lagos. 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