A Nigerian oil investor, and Chief Executive of Pinnacle Oil and Gas Limited, Peter Mbah said lack of adequate investments in the downstream sector is the major cause of the perennial fuel scarcity and its attendant long queues in filing stations across the country.
Mbah stated this at the weekend, while speaking to State House Correspondents shortly after the company paid a thank-you visit to President Muhammadu Buhari at the Presidential Villa, Abuja.
Mbah, who is the People’s Democratic Party, PDP, governorship candidate for Enugu State in the forthcoming election, said in order to bridge the gap, Pinnacle Oil and Gas has invested one billion dollars to address the stagnation of investment in the downstream sector.
Asked whether the country will ever get over the intermittent scarcity it witnesses every time, the industrialist said that with the intervention of his company and investments from other Nigerians in the downstream sector, the problem will soon be a thing of the past.
He said: “There has been a deficit arising from the set of investments Pinnacle has done in the last decades. But what we’re doing right now is to address that stagnation of investment in the downstream oil and gas industry.
“This is an investment size of about a billion dollars. So we are expecting to see more of such investments because what the Pinnacle has done is to create some efficiency in the supply and distribution value chain of the downstream sector.
“So we are indeed expecting that more investments in the downstream sub sector would completely eliminate the sort of scarcity we are witnessing today.”
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