President Muhammadu Buhari on Monday declared renewed war on Corruption in the oil sector. The president who stated this while declaring open the maiden edition of the Nigeria International Petroleum Summit (NIPS) in Abuja assured local and foreign industry that his administration will not stop the fight until a new image is created where transparency will be the watchword in all oil and gas transactions.
President Buhari who was represented by the Secretary to the Government of the Federation Boss Mustapha said;
"Corruption in this industry must not be allowed in any form. On our part we will not stop the fight until a new image is created where transparency will be the watchword in all our transaction.
"This summit will afford Nigeria a unique opportunity to showcase to the international community policy direction and efforts of government in the petroleum sector especially the new oil and gas exploration and markets, new measures to sanitize the sector.
"The expansion of investment opportunities to boost investors’ confidence, technological advancement, Nigerian content development, the institutionalization of reforms in the country’s oil and gas industry and the galvanization of Nigeria’s position as the leading oil producer in the continent of Africa," he added.
He further disclosed that Nigeria was open to private sector investment in the downstream sector and pursuing vigorously a programme for the rehabilitation of existing refineries so as to enhance capacity to supply locally refined petroleum products in Nigeria and West Africa.
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