The Host Communities of Nigeria Producing Oil and Gas (HOSCON) said that it is aiming to raise $5 billion in collaboration with the private sector to kickstart growth and investment in the nation’s oil-producing states.
Dr. Mike Emuh, the body’s executive national chairman, made a statement to this effect over the weekend in Warri, Delta State, during a meeting of the national executive committee when important decisions were also made about the investment goal.
Audu, stressed the need of investing in CNG in light of the impending loss of oil subsidies, which, in his opinion, would increase the price of gasoline while keeping CNG significantly less expensive relative to it.
He also noted that the resources for production in all the listed investments were so abundant in the local communities and thus provides sound investment opportunities.”
Meanwhile a financial expert, Alfred Ajagbe, who also served as consultant to HOSCON executives, assured them of availability of funds to finance the investments, subject to bank guarantee.”