President Buhari Unveils Petroleum Industry Road Map

A policy document that will enhance transparency, accountability, efficiency, private sector participation and local content protection in the regulation of the petroleum industry has been presented to the public.

President Muhammadu Buhari who performed the official flag off and presentation of the document christened ‘7 big wins’ stated that there is need to introduce a culture of transparency and efficiency in the oil industry stressing that if the leakages in the sector are blocked, Nigeria will be able to maximize her earnings from oil for the betterment of the citizens.

 

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According to the Minister of State for Petroleum, Ibe Kachikwu, the document seeks to promote openness, inclusiveness, removal of the bureaucratic bottleneck, promote private sector investment in the building of private refineries with the aim of achieving 100% local refining of petroleum by the year 2020.

President Buhari’s Address At The ‘7 Big Wins’ Presentation 

I am delighted to be here this morning at this important event to launch the Nigeria Oil and Gas Industry Roadmap tagged “The 7 Big Wins”.

The Petroleum industry, remains critical to the Nigerian economy of today and the future, despite our current challenges.

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.

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.

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, we still need a virile and efficient oil & gas industry to take care of our foreign exchange requirements.

This is a national imperative and a core thrust of our economic policy.

 

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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.

There is also a 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.

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.

I congratulate the Honourable Minister of State Petroleum Resources and his staff for putting this together and the good work he has been doing in transforming the Oil and Gas Industry.

 

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This Roadmap reflects the vision and aspiration of this Administration for this sector and I urge you all to deliver on the expectations contained in the Petroleum Industry Roadmap.

I also acknowledge the importance of the public, the media, local and foreign investors and other critical stakeholders in the oil and gas industry and appeal for their support and cooperation as we seek to consolidate CHANGE in this very important sector of our national economy.

Thank you all for your attention.