HOSCON Targets $5bn Fund for Development of Oil-producing States in Nigeria

The Host Communities of Nigeria Producing Oil and Gas (HOSCON) is targeting a $5 billion fund in partnership with the private sector to drive investment and development in the oil-producing states in Nigeria.

HOSCON’s Executive National Chairman, Dr Mike Emuh, announced the news during the national executive committee meeting in Warri, where he highlighted the need to involve the private sector in managing the funds for more efficient utilization.

Dr Emuh acknowledged the government’s efforts in providing statutory financial allocations for the development of oil-producing states, but noted that strategic steps must be taken to enhance the contributions of the private sector.

He praised President Muhammadu Buhari’s administration for signing the Petroleum Industry Act into law, and for the payment of the 13% derivation fund to the oil and gas-producing states as a recognition of the challenges faced by the locals in these communities.

The investment drive by HOSCON would focus on education, healthcare, infrastructure development, agriculture, and the establishment of a modular refinery.

David Audu, a trained architect and consultant to HOSCON, listed the five major areas of investment focus, stating that the investment drive would attract foreign investment and create job opportunities, thus enhancing the standard of living for the locals in the oil-producing states.

HOSCON’s investment drive is a welcome development, as it would ensure greater efficiency, accountability and transparency in the utilization of the funds. It is expected to have a positive impact on the oil and gas-producing states, create job opportunities, and attract foreign investment.