Economy
We will protect investments in Nigeria – President Jonathan
Jul 19, 2010, 18:59
| | President Goodluck Ebele Jonathan has welcomed the use of gas to fuel various types of vehicles, stating that this will help to diversify the country’s energy sources, and strengthen Government’s planned deregulation of the oil industry.
President Jonathan was speaking to a delegation of NIPCO PLC, led by Mr. Ramesh Kansagra, at State House, on Monday, July 19.
“Government will do its best to protect investments in Nigeria. We will not change our laws midway, in order to encourage investors for long-term presence in the country”, he stated.
Earlier, Mr. Ramesh Kansagra, Chief Executive of NIPCO PLC, an oil and gas downstream company told the President that the company had invested over $50million for the production of fuel from gas for cars, with retail outlets in Benin, Edo State.
He said the project, aimed at reducing dependence on imported fuel, was a Public Private Partnership with the Nigerian National Petroleum Corporation, and plans were underway to expand to Port Harcourt and Ibadan.
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