How Nigeria’s Economic Diversification Can Work – Group

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Nigeria

By; JACOB ONJEWU DICKSON

The Nigerian Association of Petroleum Explorationists (NAPE), on Monday gave a recipe on how best the Federal Government can diversify the nation’s economy that would add value to the lives of Nigerians.

Dr Andrew Ejayeriese, the President of the association said government’s diversification plan must include finding and enhancing new opportunities and prudently allocating its revenue which comes mainly from oil and gas to the development of other key sectors of the economy.

He spoke at a press conference in Lagos ahead of the association’s conference and exhibition in Lagos next week.
The President said that although significant achievements have been recorded in the management of Nigeria’s oil and gas resources compared to recent past, government must strive that to build a more diversified and more resilient economy.

According to him, government must offer oil and gas investors an attractive environment by reforming the regulatory, fiscal and licensing systems in the country.

He said:’’Knowing that the sustainability of the industry will be affected by a number of drivers including price of oil, impact of renewable and alternative energy sources.

“Emergence of new competition and legislative frameworks, oil and gas companies will need to look beyond new discoveries, and pursue improved efficiencies and operational excellence and innovation.

Ehayeriese also told journalists the need for the government to partner NAPE in the conduct of credible and transparent oil bid round with a view to attracting more investors and growing the oil and gas industry.

The NAPE’s helmsman also advocated the need for the government to purge itself of political and other subterranean considerations in the conduct of oil bid round.
He said that the development would go a long way in generating more revenues for the government as well as creating more job opportunities for the country.

To him,Nigeria needs urgent review of archaic laws that tends to drawback the nation’s oil and gas industry,adding that NAPE would continually mount advocacy on repeal of those law in order to conduct the affairs of the industry in line with global standards.

According to him Nigeria’s prospect for gas is higher than oil so there should be more aggressive exploration for the carbon resources in order for Nigeria to maximally utilize the value of the asset.

He explained that 36th edition of the annual International Conference and Exhibition of the association will deliberate on major critical issues in a quest to address the challenges in the Nigerian Energy industry.

‘’The conference will also throw its searchlight on survival strategies for petroleum exploration and exploitation in a challenging environment and also examine the effectiveness in the existing policies to drive growth in the oil and gas industry so as to come up with initiatives for the development of road maps and new policy initiatives’’.

The  36th conference is themed “Evolving Strategies for a Sustainable Business in a Fluctuating Oil Price Regime’’.

The opening ceremony which will attract over 1,500 participants within and outside the shores of the country will take place on Nov. 21, 2018 .

The special guest of honour is Dr Emmanuel Ibe Kachikwu, Honorable Minister of State, Petroleum Resources.

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