The Host Communities of Nigeria Producing Oil and Gas had previously stated that it planned to create a $5 billion fund in collaboration with the private sector to jump-start growth and investment in the nation’s oil-producing states.
Dr. Mike Emuh, the organization’s executive national chairman, spoke during the national executive committee meeting in Warri.
“Since our financial investors said they are ready to the extent we are also ready, we have applied for a $5bn facility and we hope to pull this through and begin in earnest the aggressive investment in the basic areas of our interest in the oil and gas producing states across the country,” he said.
Emuh claimed that even while the government may legally allocate funds for the development of oil and gas-producing states, it was past time to take proactive measures to include the private sector.