Punch Newspapers
Sections
Published 7 June 2021
The Minister of State for Petroleum Resources, Timipre Sylva, said Africa needed to be innovative and rely less on foreign funding for hydrocarbon projects, according to an official statement.
The minister said this during his keynote address at the recently concluded African Local Content Roundtable, according to a statement by the Nigerian Content Development and Monitoring Board.
He was quoted as saying Africa should “quickly create innovative funding mechanisms for major projects using local resources and break away from the yoke of depending on foreign lenders who are becoming increasingly reluctant to fund hydrocarbon-related projects.”
Why crude oil receipts have not impacted lives in Africa –Sylva punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.
Nigeria’s Minister of State for Petroleum Resources said Africa must now come up with policies that will further deepen the conversations on local content administration.