On Monday, the Federal Government urged the United Arab Emirates to invest in the refurbishment and revitalization of Nigeria’s aging oil pipelines, which have long surpassed their expected lifespans.
In a statement, it was noted that Nigeria and the UAE share a unified stance on continuing crude oil exploration despite some global calls for its cessation. This commitment was highlighted during a meeting in Abuja, where the Minister of State for Petroleum (Oil), Heineken Lokpobiri, hosted a delegation led by the United Arab Emirates Ambassador to Nigeria, Salem Al Shamsi.
Lokpobiri emphasized, “Nigeria offers significant investment opportunities, particularly in our oil pipeline infrastructure, which has been in place since the country first discovered oil in commercial quantities in the late 1950s. These pipelines are now nearly 70 years old and have exceeded their operational lifespans. Even with production capabilities, effective transportation to export terminals is crucial.”
He added, “We are inviting potential investors from the UAE to invest in these pipeline projects. Investors can recoup their funds through operational charges on the crude oil transported. For every barrel moved through these pipelines, there will be mutually agreed charges to recover the investment.”
