The World Bank Group Tuesday said it will stop financing upstream oil and gas after 2019, as part of a wider commitment to global efforts to halt climate change.
"As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world," the bank said Tuesday in a statement.
"The World Bank Group will no longer finance upstream oil and gas, after 2019," it said.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has called on foreign investors to partner with the Corporation in its multi-billion dollar projects expected to come up in the New Year.
Dr. Baru, who made the call in London at the conferment of the Forbes Award on him, said the Corporation would be involved in a number of projects which would require international collaboration.
· You are self-serving says Peterside
· I will not release fund, says Amaechi
In a rare outburst on Thursday, the President of the Shipowners Association of Nigeria Engr. Greg Ogbeifun took on both the Minister of Transport Hon. Rotimi Amaechi and the Director General of NIMASA, Dr. Dakuku Peterside with both regulators fiercely responding.