Minister Lokpobiri Asserts Petroleum Sector as Key to Nigeria’s Short-Term Economic Solutions

During the Ministry’s 2024 Sector Retreat themed “Building Synergy for Enhanced Development in the Oil and Gas Sector,” Senator Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), highlighted the pivotal role of Nigeria’s petroleum sector in addressing the country’s immediate economic challenges.

Speaking in Abuja on Tuesday, Lokpobiri underscored the sector’s significance, noting that 90% of Nigeria’s foreign exchange earnings are derived from petroleum activities. He emphasized the retreat’s objective to deliberate on strategies aligned with President Bola Ahmed Tinubu’s mandates, particularly increasing production to meet revenue targets.

Lokpobiri emphasized collaboration with agencies like the Nigerian National Petroleum Company Ltd. (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to boost production and curb insecurity and pipeline vandalism. He urged for a globally competitive fiscal framework to attract investments.

Rt. Hon. Ekperikpe Ekpo, Minister of State Petroleum Resources (Gas), echoed the sentiment, focusing on optimizing Nigeria’s gas resources for economic growth. He highlighted President Tinubu’s directive to enhance performance tracking and ease of doing business in the hydrocarbon sector.

Permanent Secretary Amb. Nicholas Agbo Ella emphasized the ministry’s commitment to transformative change, emphasizing sustainable growth and impactful reforms outlined in the Petroleum Industry Act of 2021.

The retreat, attended by directors, heads of units, and agency heads, aims to foster synergy and devise strategies for sustained development within Nigeria’s oil and gas sector.

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