Buhari Extols Kachikwu’s Oil Sector Transformation

October 28, 2016

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By Ebitonye Akpodigha

President Muhammadu Buhari has applauded Minister of State for Petroleum Resources, Mr Ibe Kachikwu, for coming up with ideas to transform the oil and gas industry in Nigeria.

Mr Buhari, in his address at the launch of the Nigeria Oil and Gas Industry Roadmap tagged ‘The 7 Big Wins’ yesterday in Abuja, said the Minister has shown to be a round peg in a round hole.

During his speech, the President noted that “Petroleum industry remains critical to the Nigerian economy of today and the future, despite our 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.

“Oil and Gas still remains a critical enabler for the successful implementation of our budget as well as the source of funds for laying a strong foundation for a new and more diversified economy,” he said.

He also acknowledged the importance of the public, the media, local and foreign investors and other critical stakeholders in the oil and gas industry.

Mr President tasked the Mr Kachikwu “to maximize the potentials and opportunities across the whole range of the oil and gas industry to stimulate our economy in spite of the current challenges.”

He noted that “to do this certainly requires creativity, innovation, technology and robust partnership amongst various stakeholders.”

“There is also a dire need to instil 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,” he observed, pointing out that “this will help us improve oil and gas production, explore our frontier basins, improve our local refining capacity and above all build sustainable partnerships with the oil producing communities.”

Mr Buhari emphasised that, “If we are able to plug the leakages, and tighten loose systems that characterized 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 urged stakeholders in the industry to support and cooperate with him as his administration seeks to “consolidate CHANGE in this very important sector of our national economy.”

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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