Oscarline Onwuemenyi
23 February 2018, Sweetcrude, Abuja – The Vice President, Prof. Yemi Osinbajo, has remarked that Nigeria has a lot it could give other African oil and gas countries given its vast experience in oil and gas exploration, and being home to the continent’s largest concentration of skilled manpower in the industry.
Osinbajo, who was speaking on Thursday at the ongoing Nigeria International Petroleum Summit (NIPS), taking place in Abuja, observed that only by working together can the countries in Africa surmount their numerous challenges and utilise their natural resources to develop their peoples.
He noted that, “Present with us here today are several ministers from Africa’s oil reducing countries. I believe this first summit has set the foundation for the achievement of the objectives of its founding fathers, namely to create a hub of Africa’s oil and gas activities of the African continent.
“I’m told, that participation has been well over 1,000 delegates, exhibitors and visitors from over 32 countries of Africa and outside the continent.”
According to him, “The increasing number of African countries joining the league of oil producing states calls for greater cooperation amongst the old and the new in the industry.
“With the largest proven gas reserves in Africa and the seventh largest in the world, with over 38 billion barrels of oil reserves and a daily production in excess of two million barrels, and the continent’s largest concentration of skilled manpower for the oil and gas industry built over 30 years, naturally Nigeria’s experiences can be useful to other African countries.”
He added that, “I believe the NIPS therefore provides a good opportunity for the exchange of experiences amongst the large and small, the old and the new, and the potential oil producing states in Africa.
“Furthermore, this summit has laid a solid foundation for encouraging the growth of local content in the African oil and gas industry, and to provide a forum for the display of the progress that Africa is making in the field of oil and gas technology.”
According to the vice president, “The challenge for Africa is certainly enormous. Many of the traditional markets for oil in Europe and Asia are, of course, developing alternatives. This at the same time coincides with some African countries just making finds.
“The volatility of the oil market is another serious challenge. These are not challenges that can be addressed successfully solely by countries. taking independent decisions. Collaborations, synergies and knowledge sharing are critical.
“For us in Africa we have to work hard to make the best of our God-given resources before it’s too late. Together we can surmount our hurdles faster, not if we try to do so individually. I should like to assure our oil and gas operators of the Federal Government of Nigeria’s commitment to creating the enabling environment for the industry to achieve its destiny in Africa.
“As you are aware, in our determination to introduce legislation that will remove all encumbrances to efficient conduct of oil and gas businesses, and learning from past experience, we split the omnibus Petroleum Industry Bill (PIB) into a number of proposed legislations, maybe three in all.
“Some of which have been approved already by the executive council for presentation to the National Assembly for their consideration. And we believe that this will be done speedily and already we are seeing signs that a lot of work has been done by the National Assembly.”
