The federal government is planning to launch a $10 billion infrastructural investment programme in the Niger Delta.
President Muhammadu Buhari made this known on Thursday in Abuja during the unveiling of the Seven Big Wins roadmap, a short to medium term strategy framework to grow country’s oil and gas sector.
The president said he would be holding a crucial meeting with leaders from the
region next week Tuesday to dialogue on a number issues as part of efforts to end the agitations from the oil-rich region.
The region has been a hotbed of crises for some time, particularly from armed groups led by the Niger Delta Avengers pushing for more share of the oil resources from the area.
Attacks spear-headed by the groups have been noted as one of the most troubling factor behind the country’s dire economic crisis.
Although the massive drop in global crude oil prices plays a significant role in the crisis, attacks on oil facilities by militant groups have worsened the situation, resulting in cut by almost half of the country’s crude oil output and exports.
From an average of over 2.1 million barrels production capacity a few years ago, oil production has since been run down to less than 1.1 million barrels, with the critical export facilities, including the Forcados export terminal constantly shut down due to incessant sabotage.
The president said the government was fed up with the situation and was committed to reverse the trend, by ensuring security in the region.
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