Buhari says Nigeria will remain regional leader in oil and gas industry: Report

Nigeria would strengthen its position in oil and gas industry as a regional leader, declared Muhammadu Buhari, the President of Nigeria, according to a report by The Guardian.

Reportedly speaking at the headquarters of the Department of Petroleum Resources (DPR), Buhari stated in the virtual inauguration of the National Oil and Gas Excellence Centre (NOGEC) that his administration would not spare an effort guaranteeing the maximum benefit from the country's huge natural resources.

Buhari vowed that the Federal Government would continue to leverage oil and gas to pursue economic diversification and development across all sectors. He stated, ”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!’ I am delighted that since then, we have witnessed major Final Investment Decisions in the sector such as the AKK Pipeline project, the NLNG Train-7 project, and the completion of the 5,000 barrels per day Waltersmith Modular refinery.

”Our renewed drive for economic diversification using the oil and gas industry as a pivot remains on track as we expand government revenues and deploy it to grow our Gross Domestic Product (GDP), generate employment and contribute to eliminating poverty in Nigeria. This National Oil and Gas Excellence Centre 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 realisation of greater value for the country,” he added.

The president further emphasized the significance of the Integrated Centre in improving the contribution of the oil and gas sector to Nigeria's GDP and strengthening its position as a regional leader in the industry.

The country has opened a new set of opportunities for the Petroleum Industry in terms of cost reduction, investments, capacity development and safety in operations.

”The establishment of the National Oil and Gas Excellence Centre aligns with our administration’s commitment to foster stability, growth and sustainability of the Nigeria Oil and Gas Industry consistent with the economic development and sustainability agenda articulated in the National Petroleum Policy 2017, National Gas Policy 2017, Economic Recovery and Growth Plan and the Economic Sustainability Plan, 2020,” Buhari said.

Urging the stakeholders and industry practitioners to support the task, Buhari asked the countrymen to utilize the opportunities in the country.