Preisent Muhammadu Buhari has launched a roadmap for the development of Nigeria’s oil and gas sector, called the ‘7 Big Wins’ in Abuja.
The ‘7 Big Wins’ are Niger Delta Security, Policy and Regulation, Business Environment and Investment drive, transparency and efficiency, stakeholders management and international coordination, gas revolution and refineries, as well as production capacity.
The programme is a roadmap for short and medium term priorities to grow Nigeria’s Oil and gas Industry from 2015 to 2019
President Buhari said at the launch of the roadmap that despite the country’s current challenges, the Petroleum industry remained critical to the Nigerian economy.
“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 remains 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,” president Buhari explained.
The president noted that although his administration was making concerted effort to diversify into agriculture and solid minerals, the petroleum sector still requires adequate attention.
“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 more foreign exchange requirements,” the President said.
According to the president, ’’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’’, It requires creativity, innovation, technology and robust partnership amongst various stakeholders. ’’There is also a dire need to instil 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 explained that if approached that way, it would help to improve oil and gas production, explore the frontier basins, improve local refining capacity and above all build sustainable partnerships with the oil producing communities.
According to him, there is no doubt that militancy has badly affected the oil sector and consequently the Nigerian economy“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.”
He appraised the Minister of State Petroleum Resources Dr Ibe Kachukwu and his staff for putting the launch of the roadmap together and the good work in transforming the Oil and Gas Industry.