Chairman House of Representatives committee on Petroleum Resources Downstream, Hon Joseph Iranola Akinlaja has declared that Nigerian petroleum industry remains the largest and most vibrant in Sub-Saharan Africa with lots of potentials and has called on prospective investors to see Nigeria as an investment destination where they can get value for their money.
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The federal lawmaker who is an industry player for fifty-five years made the remarks at the 2017 Oil Trading and Logistics conference in Lagos, on Monday. This is the 11th edition of the policy dialogue where ideas are generated, discussed, harmonized and put to use for economic growth and prosperity. The three-day event which kicked-off on Sunday, October 22, 2017 will be coming to a close on Wednesday October 25, 2017.
”The Nigerian petroleum industry remains the largest and most vibrant in Sub-Saharan Africa with lots of potentials, especially in the deep water and untapped gas resources. There are unique opportunities for investors across the value chain from upstream to midstream to downstream, prospective investors should not therefore hesitate to partner with Nigeria. I have unreserved confidence to extend an open invitation to prospective investors around the world. Nigeria is the right investment destination where you can comfortably grow, sustain and recoup your investment within shortest possible time legitimately.
”Recently NNPC has not gone into sleep mode to wait for investors; I think I can see the Corporation’s support for the Federal Government’s Seven Big-Wins initiatives on Gas Revolution, Refinery and Local Production, Business Environment and Investment drive, Niger Delta and Security, Stakeholder Management, Transparency and Efficiency, is being implemented through 12 key business areas. They are security, new business models, joint venture cash calls, reserve and production growth, Nigerian Production Development Company, gas development; and oil and gas infrastructure. Others are refinery upgrade and expansion; renewable energy and frontier exploration; ventures and common services; and staff welfare. Akinlaja stated.
Speaking further, Akinlaja in his speech charged NNPC to move the market to a point where private sector operators are more involved. In his view that will create an enabling environment where everybody will compete favourably and have a longer term view of the market from an investment standpoint.
”The reality is that the NNPC needs to be run as a business so they must begin to move the market to a point where private sector operators are more involved. If the country achieves that, everybody will compete and have a longer term view of the market from an investment standpoint. When 50 per cent or more of products are being brought in by marketers, there will be more activity in the sector, jobs will be created and more taxes will be paid to the government.
While discountenancing any rift between the executive and the legislature, Akinlaja added that, ” the Nigerian National Petroleum Corporation, NNPC, and other key players in the petroleum downstream sector should see the interplay between them and that of members of the parliament as an indispensible element of the democratic process with potential positive spin-off effect on the oil and gas industry in the country.
”The occasional struggles between the executive and legislature when handled with the interest of the Nigerian people at heart can be a healthy rivalry capable of unlocking the potentials of the nation for prosperity, good governance and democratic excellence. It is believed that a government business enterprise such as the NNPC, and by wider application, the oil and gas industry as a whole, will benefit from a constructive legislative-executive interplay that stimulates government agencies and parastatals to thrive and support our national and global aspirations, because Nigeria as most populous black nation forms part of the ‘books’ the entire world is reading in the petroleum sector.” Akinlaja said
Others in attendance are former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Jackson Gaius-Obaseki also conference chairman, representative of the Honourable Minister (State) Petroleum Resources, Dr. Emmanuel Ibe Kachukwu, Ghana Deputy Minister of Energy Dr. Mohammed Amin Adam, Managing Director of BPGWA and Country Manager, Mr. Mychael Gaius-Obaseki, one time Executive Secretary of the Petroleum Product Pricing Regulatory Agency, PPPRA, Dr Reginald Stanley, Hajia Lami Tumaka, Director of Corporate Communication of Nigerian Maritime Administration and Safety Agency (NIMASA). Also present were stakeholders in the industry like Vitol, Rainoil, Mocoh, Mainland Oil and Gas, Glencore, Emadeb Energy Services, Propel, Petrocam, Dangote, Fynefield, Argus, Bovas and Company Ltd, etc.
The annual OTL Africa Downstream Week is the continent’s leading business forum for market insights, emerging opportunities, products’ showcase and recognition of excellence in the African downstream petroleum value-chain. It features a strategic conference, dedicated industry exhibition and the annual OTL Downstream Industry Dinner. Also called The Africa Downstream Week, it is organised in collaboration with key partners in government and the industry.
Oil Trading and Logistics Africa (Downstream) is a Pan-African initiative dedicated to promotion of business, policy and stakeholder relationships in downstream petroleum markets across the continent. It achieves its goals through strategic government and business liaison, research and advocacy.
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