‘Lagos is a suitable investment destination for oil, gas business’
The Lagos State Government has said that the discovery of hydrocarbon resources has positioned the State as a suitable destination for oil and gas investment.
Speaking at the official commissioning of Ibile Oil and Gas office in Lagos on Monday, the state Governor, Akinwunmi Ambode, said, Lagos State is at the threshold of witnessing a boost in economic growth and employment generation given the evolving developments in its investment climate particularly the oil and gas sector.
Ambode who made this declaration , noted that the exploration of crude oil in Lagos would effectively complement oil exploration activities in other parts of the country.
The governor who was represented by the Commissioner, Ministry of Energy and Mineral Resources, Lagos State, Olawale Oluwo, added that Ibile Oil and Gas Corporation is being effectively positioned to become a leading player in the oil and gas industry.
He stated: “We are aware of the multiplier effects that a viable oil and gas industry will bring about in terms of investment opportunities that will be created in allied industries and sectors of the state economy.
“This has been the main driving force behind our commitment to develop strategies and policies that will continue to ease the process of doing business in Lagos State. We will also continue to complement these policies by vigorously pursuing our infrastructural renewal and development efforts.”
He assured of engaging the communities positively to enable peaceful operation of the oil and gas business in Lagos State. “As government, we are aware of the potential risk inherent in the oil exploration industry in terms of oil spills, underwater contaminations, gas flaring, community conflicts and youth restiveness.