The Minister of State for Petroleum Resources, Ibe Kachikwu, has said the oil sector needs huge investments to the tune of 100 billion dollars.
Kachikwu said this speaking on the urgent needs of the sector at the closing ceremony of the just-concluded maiden Nigeria International Petroleum Summit NIPS in Abuja.
According to him, every average Nigerian says the oil industry is not transparent despite all that has been done in the oil industry.
Other issues he listed that needed to be addressed urgently included security, cost of producing a barrel of crude and full deregulation.
Projecting into the future, he said “over the next five years, we will like to look at the production volumes.
He urged Nigerian investors to come on board as his target was that the local production of oil output would in five years be 25 per cent.