Although crude oil inventories in…
Oil prices gained on Monday…
U.S. Ambassador to Nigeria, Mr. Terence McCulley has told the Nigerian government of Washington’s interest in the country’s energy sector.
Following a meeting with Nigeria’s Minister of Power Bart Nnaji, McCulley stressed to reporters that U.S. has "serious strategic interest" in investing in Nigeria’s power sector, but asked Nnaji to address ongoing endemic corruption in the country’s energy sector along with stating that American investors should enjoy a level playing field if they decide to invest, The Daily Champion reported.
McCulley added that U.S. active participation in Nigeria’s energy sector was critical for both countries since Washington regarded Nigeria as a strategic partner in resolving global challenges, especially in Sub Saharan Africa.
Nnaji replied that the government’s power sector reform “Roadmap” was designed to cope with the issue of corruption, stating, “Nigeria will observe the sanctity of agreements it enters into, and will not renege on such agreements it legally entered into. Sanctity of contracts is a sign of trust and confidence in a nation and we cannot continue to rampantly renege on agreements anymore and expect investors to accept it or laugh it off. The holistic privatization of the Power Holding Company of Nigeria is meant to checkmate interference of corruption in the value chain. Private sector management of arteries of national economies is a hallmark of globalization.”
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com