Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), has expressed his belief that Nigeria’s petroleum sector offers short-term solutions to the nation’s economic challenges, considering that 90% of the country’s foreign exchange earnings stem from this sector.
Lokpobiri conveyed this sentiment during his keynote address at the Ministry’s 2024 Sector Retreat, held on Tuesday, March 26th, 2024, in Abuja. The theme of the retreat is: “Building Synergy for Enhanced Development in the Oil and Gas Sector.”
The Minister highlighted that the purpose of the retreat was to engage in discussions and deliberations on achieving the targets and mandates set for the Ministry of Petroleum Resources by President Bola Ahmed Tinubu during the Ministerial retreat in November 2023.
“The first target is to see how we can ramp up production. If we ramp up production, we will be able to meet our targets in terms of increase in revenue and our obligations in the midstream and downstream,” he noted.
“As part of our efforts to see how we can ramp up production, we are working closely with the Nigerian National Petroleum Company Ltd. (NNPCL), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and with other agencies. We are tackling the issue of insecurity, pipeline vandalization to see how we can attract investment on a sustainable basis, not just at the upstream but also in the midstream and downstream.”
Encouraging participants to deliberate on ensuring the sustainability of Nigeria’s competitive environment, Lokpobiri added, “it is also our obligation to see how we can create the best environment for investments to come in and to ensure that our fiscal regulatory framework is globally competitive.”
Rt. Hon. Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), echoed similar sentiments during his address at the retreat. He emphasised the necessity of repositioning the hydrocarbon sector for optimal performance, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda aimed at leveraging Nigeria’s abundant gas resources for economic development.
Ekpo stressed the need for collective action to tackle challenges, in line with President Tinubu’s Presidential Priorities and Ministerial Deliverables 2023–2027, aimed at establishing robust performance-tracking mechanisms within the Ministry and relevant agencies.
Furthermore, Ekpo highlighted President Tinubu’s issuance of an Executive Order for the Ministry of Petroleum Resources, aimed at promoting ease of doing business and stimulating the discovery and development of Nigeria’s abundant hydrocarbon resources.
Ambassador Nicholas Agbo Ella, the Permanent Secretary of the Ministry of Petroleum Resources, emphasised the Ministry’s commitment to fostering lasting transformation within the sector, aligning with the administration’s goals and the Petroleum Industry Act of 2021.
The ongoing Sector Retreat of the Ministry includes participation from directors, heads of units, and heads of agencies under the Ministry of Petroleum Resources, among others.