The Federal Government is hopeful that United States President Donald Trump’s support for oil drilling will put an end to the funding challenges faced in the course of hydrocarbon production.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, stated this on Tuesday while addressing newsmen shortly after he won the ThisDay CEO of the Year Award in Lagos.
Komolafe explained that the oil sector has faced funding challenges for years as many foreign financial institutions are no longer willing to fund fossil fuels.
According to him, the momentum gathered by renewable energy made funding fossil fuels somewhat difficult thereby impacting new investments in the oil sector.
However, with Trump’s ’Drill, baby drill’ slogan, and his disposition to ramp up crude production in the US, Komolafe projected a positive outlook for Nigeria in 2025 and beyond.
“As a regulator, it is our opinion that the programme, that is the ’Drill, baby drill’ programme of President Trump, would have a positive effect on us as a nation with large hydrocarbon reserves.”
