The Czech Republic has held discussions with Nigeria to enhance its access to the oil and gas resources of the country.
The permanent secretary of the Ministry of Petroleum Resources, Gabriel Aduda, said this in a statement on Monday after a bilateral meeting with Jozef Sileka, Minister of Trade, Czech Republic.
He said the discussions focused on Czech Republic’s interest in establishing a government-to-government business agreement with Nigeria to enhance their access to oil and gas resources through new partnerships and suppliers.
Mr Aduda assured the Czech official of Nigeria’s openness to engagement and recommended submitting an official request through the Czech embassy in Nigeria, outlining their requirements.
The bilateral meeting was held on the sidelines of the Global Energy Show in Calgary, Canada, and discussions centred around energy safety, affordability, security, and sustainability across the value chain.
Mr Aduda expressed Nigeria’s willingness to collaborate, highlighting the increasing number of Nigerian expatriates already contributing to the oil and gas industry in the province.
He emphasised Nigeria’s interest in capacity enhancement and adopting carbon capture and storage technologies.
In a meeting with the Nigerian business community in Alberta, Canada, Mr Aduda said Nigeria was an attractive investment destination amid the global shift away from carbon-based fuels.
Mr Aduda also highlighted the establishment of the midstream gas infrastructure fund and a N250 billion Central Bank of Nigeria (CBN) intervention fund dedicated to the gas expansion and domestication initiatives.
At a ministerial panel discussion, Mr Aduda expressed Nigeria’s concerns regarding the volatility and uncertainty in oil prices due to Russia’s invasion of Ukraine.
“Nigeria heavily depends on oil exports for revenue generation, making any sharp decline in prices detrimental to the country’s economy,” he said.
He stressed the importance of ensuring a stable and reliable energy supply to sustain economic growth and meet the energy needs of Nigeria’s rapidly growing population.
(NAN)
