The Host Communities of Nigeria Producing Oil and Gas (HOSCON) plans to secure a $5 billion fund in collaboration with the private sector to drive investments and development in the oil-producing states of Nigeria.

 The Executive National Chairman of HOSCON, Dr Mike Emuh, stated that involving the private sector would enable efficient management of funds and the utilization of financial resources to enhance partnerships that would benefit all parties.

 He also expressed appreciation to President Buhari for signing the Petroleum Industry Act into law and for the payment of the 13% derivation fund to oil and gas-producing communities.

HOSCON aims to take strategic steps to better the lives of people in oil-producing communities while awaiting the implementation of the PIA.

The meeting was called to interface with consultants on investment plans, and the five major investment areas being considered were presented by David Audu, a consultant to HOSCON.

source; The punch
link;https://punchng.com/oil-communities-firms-partner-on-5bn-investment-fund/