President Muhammadu Buhari Thursday launched the Nigeria Oil and Gas Industry Roadmap tagged “The 7 Big Wins”,” and urged the Minister of Petroleum Resources to maximize petroleum resources to stimulate the economy.
Speaking during the public presentation at the Banquet Hall of the Presidential Villa, Abuja, he said: “Therefore, the task before the Ministry of Petroleum Resources is to maximize the potentials and opportunities across the whole range of the Oil and Gas industry to stimulate our economy in spite of the current challenges.”
He admitted that the industry presently remains critical to the nation’s economy in spite of her challenges.
He stressed that the “golden era of high oil prices may not be here now, but Oil and Gas resources still remain the most immediate and practical keys out of our present economic crisis.
“The Oil and Gas still remain a critical enabler for the successful implementation of our budget as well as the source of funds for laying a strong foundation for a new and more diversified economy.”
The President noted that as important as it is to ensure that Agriculture, Solid minerals and other critical sectors of the economy are supported to grow and contribute more to the nation’s economy, Nigeria still needs a virile and efficient oil & gas industry to take care of her foreign exchange requirements.
According to him, this is a national imperative and a core thrust of the nation’s economic policy.
Continuing, Buhari said, “Therefore, the task before the Ministry of Petroleum Resources is to maximize the potentials and opportunities across the whole range of the Oil and Gas industry to stimulate our economy in spite of the current challenges.
“To do this certainly requires creativity, innovation, technology and robust partnership amongst various stakeholders.”
The President called for the dire need to instill a new culture of transparency and efficiency in the industry, streamline operations along best practices by championing and implementing strategic reforms at every layer of the industry.
He noted that this “will help us improve oil and gas production, explore our frontier basins, improve our local refining capacity and above all build sustainable partnerships with the oil producing communities.
“If we are able to plug the leakages, and tighten loose systems that characterized this industry in the days of high oil prices, we are convinced that we can do even more with the little that we are getting at the moment than we did even in the time of plenty.
” As you are aware, recent developments in the Niger Delta have temporarily limited our oil and gas production and supplies. However, let me reaffirm that, whatever challenges we are currently facing in the region, our resolve and capability to work with all stakeholders to restore normalcy will guarantee success.”
Speaking, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu explained that disclosed that the major thrust of the programme is to raise government’s revenue from the oil sector through cutting down on project contracting cycle, ensuring 100 per cent local refining by 2019 and the commercialization of gas flaring.
He further stated that the country would ensure that it finds every oil that is available in every part of the country, with increased private sector participation, while it intends to raise $5 billion and $20 billion in the short and long term respectively, for the Federal Government.
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