19 November 2016, Abuja – President Muhammadu Buhari on Friday inaugurated three different boards in the Ministry of Petroleum Resources with a charge to help the Nigerian National National Petroleum Cooperation, NNPC chart a new way of tackling the current economic challenges facing the country.
He emphasized that the sector still remained the biggest source of foreign exchange earner and should be well managed.
The boards which were three of the six boards in the ministry were to be chaired by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
They were Nigeria Nuclear Regulatory Authority (NNRA), Nigerian National Petroleum Corporation (NNPC) and Nigerian Content Development Monitoring Board (NCDMB). President Muhammadu Buhari at the Council chamber of the presidential villa, Abuja, said the inauguration came at a time when the petroleum sector was experiencing a downturn.
He said: “The new boards are coming at a time when the global petroleum industry is witnessing a downturn in purchase which has also translated into dwindling production by most producer nations. Nigeria has been hit by the misfortunes of oil industry but several countries have been hit much harder.
“The composition of the board which will be chaired by the minister of state petroleum and other well selected persons who have both the experience and knowledge to drive the NNPC into harnessing its potentials and fulfill its expectations to the nation even at this challenging time in the oil and gas industry.
“Oil and gas industry are the country’s foreign earners, therefore the importance of this boards cannot be over emphasized.
“Your job should be to ensure propriety in the management of these most important national institutions. You should advise the minister and the corporation management on the most effective way for Nigeria to get more money from our assets.
“My expectations from the members of these boards is for them to ensure that the NNPC charts a way to face current economic challenges.
“These will involve a careful look at the ongoing reforms designed to steer the corporation to achieve better performance and efficiency. In addition, you should explore more innovative ways to resolve the joint venture funding constraints and other investment issues.
“Since the arrival of this administration, there has been an improvement in transparency through publishing monthly operational and financial report of the corporation. This, added to the major restructuring of the corporation and the liberalization of the downstream sector, are pointers to the determination and focus of the new NNPC under this administration.
“Finally, I must mention that the task before you is enormous but I am confident that with your wealth of experience and knowledge of members of this boards, the desired growth, this government aspires and indeed the aspirations of Nigerians will be achieved within a seasonable time frame.”