Sunday, October 1, 2023
Home Business Nigeria’s oil producers set agenda for new government

Nigeria’s oil producers set agenda for new government

The Independent Petroleum Producers Group (IPPG) has called on the incoming administration of Sen. Bola Tinubu to address the bottlenecks mitigating against industry growth and energy security.

The IPPG Chairman, Mr Abdulrazaq Isa, made the call on Monday in Abuja at the sixth edition of the Nigeria International Energy Summit (NIES).

Isa said the administration’s agenda for the industry should be geared toward improving investor confidence through the effective implementation of the Petroleum Industry Act (PIA) and strengthening regulatory institutions.

He said the incoming administration should arrest the menace of crude theft across the Niger Delta which still lingered in spite of the recent successes recorded by the Federal Government.


Isa listed others as harnessing the nation’s hydrocarbon asset, particularly gas, to catalyse and rapidly industrialise the economy, building a broader value-creating midstream (gas processing plants) and downstream (refineries) and transforming Nigeria into a product supplier.

He emphasised the need to eliminate industry-wide subsidies for all hydrocarbon and refined products as they remain detrimental to the growth of a vibrant industry.

Isa also called for an immediate repositioning of the industry.

“The Nigerian oil and gas industry has a very limited window to get things right and must work toward the rapid exploitation of its vast hydrocarbon assets for the socio-economic transformation and deploying same to guarantee our energy security. It is instructive to note that this edition of the NIES will be the last of this current administration.

“It is on that note and on behalf of the Board of Trustees and the Governing Council of the IPPG I commend President Muhammadu Buhari, for his unwavering commitment to the survival and growth of our industry. Under his leadership, his administration has delivered unprecedented milestones across the entire industry, notably, the enactment PIA in 2021 which has boosted investor confidence after a two-decade lull in activities. This landmark legislation has begun the transformation of Nigeria’s oil and gas industry and laid a solid foundation for the growth and development of the industry for future generations,’’ he said.

Also speaking, Dr Omar Farouk, the Secretary-General, African Petroleum Producers’ Organisation (APPO), called for enabling environment for African energy security.

Farouk listed challenges in the African energy industry as lack of funding, technology and reliance on foreign markets.

He said for seven decades that Africa had been producing petroleum; it had relied essentially on external finance and always depended on foreign technology and to some extent expertise to produce the products.

Farouk said that these three challenges had been the focus of APPO in the last three years and it had concluded that the future of the industry lied on the hands of Africans.


Emefiele meets Tinubu at Aso Rock

Wale Edun, former Lagos Finance Commissioner; and James Faleke, a House of Reps member, were also at the villa.

Cables Manufacturers Score SON high as Nigeria’s Ease of Doing Business Index Climbs

According to Adubi, while SON ensures strict compliance to laid-down regulations, CAMAN as a body function as a check to the activities of its member companies by paying regular visits to their respective factories to ensure standards are maintained.

NEPL takes over 100% ownership of OML11, seven others

The NNPC Exploration and Production Limited (NEPL), a Subsidiary of the Nigeria National Petroleum Company (NNPC) Limited, has announced take over of...


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Emefiele meets Tinubu at Aso Rock

Wale Edun, former Lagos Finance Commissioner; and James Faleke, a House of Reps member, were also at the villa.

Oil marketers endorse fuel subsidy removal, pledge minimal adjustments 

We once again laud President Tinubu for his bold vision and stand ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.

Firm unveils 20KG composite cooking gas cylinders to Nigerian Market

According to him, the 20kg LPG cylinder goes for N75,000 due to increase in foreign exchange and is also more competitive.

Allegation of illegal sale of 48m barrels of crude false, Malami insists

Recall that the minister took the same position when he first appeared before the panel on April 27, 2023 to give testimony.

Recent Comments