The Federal Government stated, yesterday, that the country no longer has the resources to fund the oil and gas industry, and is therefore, considering and developing new models of financing the industry in the days ahead, Vanguard reports.
Speaking at a town hall meeting in Abuja, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said: “Financing is going to be a key component of our goal, because new models of financing would have to emerge. The country does not have the sort of resources to continue to fund the oil industry. As we go upstream, we are going to begin to see a lot of innovative financing mechanisms to provide funding for the oil industry.
