The Minister of State (Energy), in charge of Petroleum, Mr. H Odein Ajumogobia (SAN) has said that the unprecedented rise in the price of crude oil in the international market and the advancement in technology have combined to make it easier for companies operating in the sector to recover their investments.

The Minister said this at a two-day leadership and capacity building workshop organised recently by the Federal Ministry of Energy in Rivers state.

He stated that with attention focused on the Gulf of Guinea as a result of the turmoil in the middle East, Nigeria has a golden opportunity to drive the transformation of the nation especially as the world scrambles for energy security.

He said that the shut-in per day, amounted to a colossal loss of 50 million dollars or 6 billion naira per day. According to him, the oil and gas industry would remain the key to Nigeria’s economic growth and transformation.

He emphasised that for there to be sustainable development in the country, massive investment must be made in infrastructure and skilled manpower in the energy sector.