President Muhammadu Buhari today said that there were indications that investors are having more confidence to do business in Nigeria when compared with the past due to good governance by his administration.
The president made this remark during the signing of the contracts for the Front End Engineering Design (FFED) of Train 7 of the Nigeria Liquefied Natural Gas Project.
A statement issued by the President’s media aide, Garba Shehu, indicated that the contract was signed by Nigerian Liquefied Natural Gas company (NLNG), the Nigerian National Petroleum Corporation, NNPC, and other Joint Venture (JV) partners – Total Shell, and AGIP.
The President was quoted as expressing optimism that the deal would culminate in a Final Investment Decision (FID) for the multi-billion dollar Train 7 expansion programme by the end of the year.
Specifically, President Buhari noted that the signing of the contract for the plant expansion project after an eight-year delay was a sign of irreversible commitment by the JV to enter a Final Investment Decision (FID), as well as a clear indication that the confidence of investors was returning to the country based on good governance principles instituted by his administration.
According to him, the NLNG has the objective of establishing 12 trains by early 1980s but the project growth was stunted, with only six of those trains commissioned so far.
The President expressed the hope that with the latest pact between government and the JV partners on the project other trains would be completed..
He said: This project perfectly keys into the Federal Government’s ‘Economic Recovery and Growth’ agenda. It signifies foreign investors’ confidence in our country’s economy.”