“Our estimate is that you need about $100 billion worth of investment to drive this sector. Those investments will go into gas projects, they will go into pipelines that have be replaced, they will go into new plants, they will go into the flare policy of the government, they will go into the development of LPGs and CNGs.”
“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.”
He added that, “If the National Assembly succeeds in passing all the four bills and the executive signs them all before politicking for 2019 starts, that will be a solid achievement indeed. It is possible. Please do this for Nigeria.”
The PIGB aims to establish the Nigerian petroleum regulatory commission as a one-stop regulator that will be responsible for licensing, monitoring, supervising petroleum operations, as well as enforcing industry laws, regulations and standards.
“We seek the cooperation and understanding of Nigerians as we try to get to the bottom of this issue. In any event, there is a problem, and it must be solved. We await the findings of the Investigative Panel on Fuel Scarcity, firm in our resolve that whoever is responsible must pay the price for visiting this needless hardship upon our people,” he added.
“All studies conducted on the Nigeria petroleum sector since 1999 are settled on the issue that the role of Government in the oil and gas sector needs to be better clarified whilst the policy, regulatory and commercial institutions need to be given a refocused mandate to ensure better sector governance, transparency of regulations and operations, accountability of the institutions, and removal of opaqueness around the industry,” he said.
Across the globe, many countries are responding to the increase in the price of crude. Only last week, Saudi Arabia, the world’s largest producer and exporter of crude, announced plans to raise petrol and jet fuel prices in January in an effort to reduce energy subsidies and bolster state finances.
Kachikwu accused some marketers of illegally maximising profit by diverting fuel meant to be supplied in Nigeria.
Baru said funding had been a major challenge in the rehabilitation of the refineries but was however optimistic that the various options being explored would yield positive results.
“The stakeholders (oil workers) will ensure that the lacunas, particularly the adverse labour clauses identified in the Bill are addressed before its passage,” it stated.
