Left Menu
Development News Edition

UPDATE 1-Nigerian opposition's Abubakar to boost oil investment if wins election -manifesto


Nigerian opposition candidate Atiku Abubakar will seek to boost investment in the oil sector if he becomes president next year, according to a draft copy of his manifesto.

He plans to re-consider introducing bidding rounds for marginal fields and oil blocks, privatising government-owned crude refineries and issuing new licences for greenfield investments in refineries, the draft said.

In the presidential election scheduled for February, Abubakar, the main opposition People's Democratic Party candidate, will seek to prevent President Muhammadu Buhari from securing a second term.

Nigeria's is Africa's largest producer of crude and remains largely dependent on sales of oil, which make up roughly two-thirds of government revenues, despite years of administration promises to diversify the economy.

Abubakar's draft re-iterated his plan to partially privatise state oil firm Nigerian National Petroleum Corporation (NNPC).

He has taken a pro-business stance that he says will boost Nigeria's economy, which has struggled since Buhari took office.

A large part of that is due to global oil price declines outside the administration's control, though Buhari's government has tried to keep tight control of exchange rates as the naira weakened, discouraging foreign investors.

(Reporting by Alexis Akwagyiram in Lagos and Paul Carsten in Abuja Editing by John Stonestreet)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...

How India is being pushed towards commercialization of higher education

The reluctance of the present dispensation in pushing the higher education towards commercialization is not just limited to the fees hike in Jawaharlal Nehru University JNU. It seems the government is gradually implementing a plan which is ...

Videos

Latest News

Halkbank must enter plea in sanctions case before fighting jurisdiction -U.S. judge

Turkeys state-owned Halkbank must enter a formal plea to charges that it helped Iran evade sanctions before it can challenge a U.S. courts ability to hear the case, a judge ruled on Thursday.If Halkbank wishes the district court to decide i...

MLB-League, players near deal on opioid treatment - reports

Major League Baseball MLB and the union representing its players are nearing an agreement to refer athletes who test positive for opioids for treatment, rather than suspending them, NBC Sports reported on Thursday. The negotiations to amend...

GLOBAL MARKETS-Stocks falter on trade uncertainty; sterling gains

The dollar slid and global equity markets traded little changed on Thursday as enthusiasm over Apple shares was offset by doubts about the likelihood of a phase one trade deal before a new round of U.S. tariffs on Chinese imports begins in ...

INTERVIEW-Esports-Chadwick wants to help sweep away female stereotypes

W Series winner Jamie Chadwick wants to help sweep away stereotypes about women racers in the virtual world as well as the real one.The 21-year-old Briton, inaugural champion in the all-female series this year, is an active gamer who sees e...

Give Feedback