Michel Arrion, head of delegation, European Union (EU) to Nigeria, said the country’s oil and gas sector was not attracting enough investment due to low returns on investment. Arrion, was speaking as chairman at the opening ceremony of the Second Annual Regional Conference on Energy with the theme, “Transformations in the Global Energy Industry: Setting the Agenda for Gulf of Guinea”, organized by the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, he said it was imperative for the government to ensure the provision of a business climate that would guarantee the protection of investments to attract investors to the sector tracing the current dip in oil prices to increase in global oil supply without a corresponding increase in demand. “These are measures that will convince the investing community, either foreign or local, that their investments will be protected,” And added that the governments in the sub-region could change the trend if they would collaborate. He assured that the EU would support the countries through bilateral and multilateral financial instruments.
Adeola Adenikinju, Director of CPEEL, explained that the conference was organized to fashion solutions to the myriad problems confronting countries in the Gulf of Guinea.
Speaking about the challenge of dwindling revenue occasioned by the sliding oil prices, Adenikinju said “The economy should not be regulated by uncertainties in oil prices. Because of falling oil price,