By Adaobi Rhema Oguejiofor
The Host Communities of Nigeria Producing Oil and Gas (HOSCON) has said that it is targeting a $5 billion fund, which is equivalent to N2.3 trillion, in partnership with the private sector in order to trigger an investment drive and bring about development in the various oil producing states within the nation.
The Executive National Chairman of HOSCON, Dr. Mike Emuh, disclosed this during the organization’s national executive committee meeting that took place in Warri, Delta State.
He stated that the financial investors have said that they are ready to invest to the extent to which host communities are also ready to invest. This, he said, is the reason why HOSCON has applied for a $ 5 billion facility with the hopes to pull it through, as well as begin aggressive investment in the basic areas of interest in the oil and gas producing states across Nigeria.
According to him, while statutory funding could come from the government for the development of oil and gas producing states, it is now time for strategic steps to be taken in order to involve the private sector not only in managing such funds more efficiently, but also in utilizing resources from the private sector to build up partnerships that work for the good of all parties involved.
Emuh applauded President Muhammadu Buhari for his administration’s gesture towards oil and gas producing states by signing the Petroleum Industry Act (PIA) into law, thus making a 13 percent allocation to them.
He also noted that the payment of the 13 percent Derivation Fund was done in appreciation of the challenges the locals in the oil and gas communities faced.
Emuh further explained that, while awaiting the implementation of the PIA, and the fact that the 13 percent derivation funds were being paid directly to the state governments instead of the local communities going by the dictates of the constitution, there is a need to look inwards and take some decisive steps towards bettering the fortune of the people.
According to him, it was in this regards that the meeting was called in order to interface with assigned consultants on the investment drive and decisions taken on the way forward.