We must instill culture of transparency, efficiency in oil, gas industry – Buhari

President Muhammadu Buhari on Thursday in
Abuja stressed the need for a new culture of
transparency and efficiency in the nation’s oil
and gas industry to improve oil and gas
production in the country.
The President stated this at the public
presentation of the Ministry of Petroleum
Resources’ 7 BIG WINS, a short and medium
term priorities to grow Nigeria’s oil and gas
industry between 2015 and 2019.
He stated that an efficient oil and gas
industry would ensure that agriculture, solid
minerals and other critical sectors of the
economy were supported to grow and
contribute more to the nation’s economy.
He added that the nation needed a virile and
efficient oil and gas industry to take care of
its foreign exchange requirements and also
help to explore the frontier basins, improve
local refining capacity and build sustainable
partnerships with the oil producing
communities.
“There is also a dire need to instill 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.
“If we are able to plug the leakages, and
tighten loose systems that characterised this
industry in the days of high oil prices, we are
convinced that we can do even more with the
little that we are getting at the moment than
we did even in the time of plenty.
The President said that the petroleum
industry remained critical to the Nigerian
economy of today and the future, in spite of
the current challenges.
“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.’’
He said the oil and gas remained a critical
enabler for the successful implementation of
the nation’s budget as well as the source of
funds for laying a strong foundation for a
new and more diversified economy.
According to him, this is a national imperative
and a core thrust of his administration’s
economic policy.
The president reiterated his administration’s
determination to resolve the socio-economic
and security challenges in the Niger Delta
region.
He, therefore, reassured that government’s
resolve and capacity to work with all
stakeholders to restore normalcy would
guarantee success in the Niger Delta region.
“As you are aware, recent developments in
the Niger Delta have temporarily limited our
oil and gas production and supplies.
The president congratulated the Minister of
State for Petroleum Resources and his staff
for their foresight and vision to transform
the oil and gas industry.
According to the president, the oil and gas
road map reflects the vision and aspiration of
his administration for the oil and gas sector.
He urged all stakeholders in the sector to
deliver on the expectations contained in the
Petroleum Industry Roadmap.
The President, therefore, appealed for the
support and cooperation of the media, local
and foreign investors and other critical
stakeholders in the oil and gas industry “as we
seek to consolidate CHANGE in this very
important sector of our national economy’’.
The minister explained that the 7 Big Wins to
grow the Nigerian oil and gas industry was
aimed at developing a stable and enabling oil
and gas landscape with improved
transparency, efficiency and stable
investment climate.
He expressed the hope that the ongoing
reform in the sector would provide huge
investment opportunities in infrastructure
development, oil and gas facilities, operations
and maintenance across the value chain.
“We can decide today to face the current
challenges and build our economy using our
bountiful gas resources.
“In just a few years, we can see Nigeria if we
work hard to be the latest exporter of
petroleum products rather than importers,
something that will act very dramatic in terms
of foreign earnings, reduce the pressure on
our foreign reserve.
“We can begin to work on creating thousands
of jobs that will be of great benefit to the
host communities.
“We can begin to attract investment and
make Nigeria a citadel of investment
destination in Africa and we can begin to take
our rightful place in the comity of nations and
develop policies that are essential to move the
industry forward.”
The minister announced that President Buhari
would be meeting stakeholders from the Niger
Delta and oil producing areas as part of
efforts to achieve lasting peace in the areas.
The highlights of the event are the
multimedia video documentary as well as
presentation of the 7 Big Wins by President
Buhari.