Corruption in Nigeria's oil and gas industry must not be allowed in any form, President Muhammadu Buhari said on Monday.

Buhari told local and foreign oil industry stakeholders in Abuja that his adminstration will not stop the fight until a new image is created where transparency will be the watchword in all oil and gas transactions.

Declaring open the maiden edition of the Nigeria International Petroleum Summit (NIPS), the president said, "Corruption in this industry must not be allowed in any form. On our part we will not stop the fight until a new image is created where transparency will be the watchword in all our transaction."

He said Nigeria was open to private sector investment in the downstream sector and pursuing vigorously a programme for the rehabilitation of existing refineries so as to enhance capacity to supply locally refined petroleum products in Nigeria and West Africa.

The president who was represented by the secretary to the government of the federation Barr. Boss Mustapha said that effort in stakeholder engagement and stabilizing the Niger Delta will continue to receive due attention to ensure a sustainable level of production.

The NIPS, designed to be Africa's largest and most important oil and gas platform and linkage to the world, is taking place in Abuja over the next four days.

"This summit will afford Nigeria a unique opportunity to showcase to the international community policy direction and effort of government in the petroleum sector especially the new oil and gas exploration and markets, new measures to sanitize the sector.

"The expansion of investment opportunities to boost investors’ confidence, technological advancement, Nigerian content development, the institutionalization of reforms in the country’s oil and gas industry and the galvanization of Nigeria’s position as the leading oil producer in the continent of Africa." Buhari said.

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