President Muhammadu Buhari has identified the currently rising price of crude oil presents an opportunity for Nigeria, given the presence of the Petroleum Industry Act (PIA).
President Buhari, who is also Nigeria’s substantive minister of petroleum resources, made the assertion last Monday in Abuja while declaring open the 5th Nigeria International Energy Summit (NIES).
President Buhari who was represented at the summit by the Minister of State for Petroleum Resources, Chief Timipre Sylva, expressed satisfaction that the summit was of great value in terms of policy input for government and business development resources for the private sector.
“Crude oil prices are on the rise again after turning negative in April 2020. It is a great opportunity for us as a country,” he said.
But President Buhari noted that the government under his administration demonstrated seriousness by implementing the PIA without delay, adding that with the PIA in place, there should be no excuses.
“The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA. There is now a level of certainty for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry has been addressed by the Act,” the president said.
He explained that the administration moved quickly and scrapped the existing agencies and replaced them with new ones, and has inaugurated their new chief executives too.
“We also ensured the incorporation of the Nigerian National Petroleum Company Limited (NNPCL) under the Companies and Allied Matters Act (CAMA).
“The NNPCL is a limited liability company now and our target is to make it the biggest, the most capitalized and the most profitable company in the whole of Africa.”
Buhari also said that as the world moves towards cleaner sources of energy, Nigeria had adopted gas as its transition fuel; adding that his administration’s Decade of Gas Initiative, which focuses on transforming the country into a gas-based industrialized nation through enhanced and accelerated gas revolution.
“We will ensure further optimal exploitation and utilization of the country’s vast natural gas resources. Given the country’s potential of about 600 trillion cubic feet, natural gas has the enormous potential to diversify and grow Nigeria’s economy.
”We are fully aware that energy transition raises the bar in terms of environmental, social and governance demands. We do not have to panic. We are already building blocks and bricks that will ensure seamless energy transition as the country joins in the race for net-zero carbon emission,” Buhari said.
By Sunday Elom
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