Nigerian President Affirms Commitment to Local Oil and Gas Industry
Nigerian President Muhammadu Buhari renewed his drive to leverage the domestic oil and gas industry as a vehicle for economic growth during the virtual inauguration of the National Oil and Gas Excellence Center (NOGEC) at the Department of Petroleum Resources in Lagos.
Pointing to several large-scale final investment decisions (FIDs) that have been taken during his administration, President Buhari pledged his commitment to maximizing investment into and utilization of the nation’s natural resources as a means of stimulating economic diversification, increasing government revenues, generating local employment and eliminating poverty.
“You would recall that at the beginning of this administration, we set a clear roadmap for the oil and gas sector in order to increase value from the nation’s huge resource potentials and create opportunities for investors, both local and foreign, when I declared that: ‘Nigeria is Open for Business!’” said President Buhari. “I am delighted that since then, we have witnessed major FIDs in the sector, such as the Ajaokuta-Kaduna-Kano Gas Pipeline project, the Nigeria LNG Train 7 project and the completion of the 5,000-barrel per day Waltersmith modular refinery.”
For its part, the NOGEC offers Nigeria the ability to reduce industry costs, enhance safety measures, build capacity and enhance its position as a regional oil and gas leader.
“The NOGEC will serve as an integrated resource complex to drive safety, value and cost efficiency in the industry. It is therefore another milestone in the development of oil and gas sector and the realization of greater value for the country,” President Buhari added.
Despite the ongoing economic shocks faced by oil-exporting countries like Nigeria in the context of COVID-19, President Buhari encouraged industry stakeholders to double down on their efforts to spearhead investment into the sector and capitalize on new opportunities. “We are emerging more resilient in 2021 owing, in part, to efforts of the agencies of the Ministry of Petroleum Resources who work under my leadership and the direct supervision of the Minister of State, Petroleum Resources, to keep oil and gas production levels stable, optimize government revenues, and ensure domestic energy security.”