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Buhari pledges to take advantage of rising crude oil prices

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President Muhammadu Buhari has pledged to take advantage of the rising crude oil prices in order to ensure a stable oil sector in Nigeria.

Buhari made this pledge on Monday in Abuja, while declaring open the 5th Nigeria International Energy Summit (NIES).

The summit has as its theme: “Revitalising the Industry: ” Future Fuels and Energy Transition.”

Global crude oil prices went up to $104 per barrel on Monday following the ongoing hostilities between Russia and Ukraine.

Buhari, represented by Chief Timipre Sylva, Minister of State for Petroleum Resources, noted that this development “is a great opportunity for us as a country.

“With the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.

“There is now a level of certainty for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry has been addressed by the Act.”

Buhari said to demonstrate the government’s seriousness, the administration did not waste time with the implementation of PIA.

READ ALSO: Nigeria’s crude oil production reached 1.398mbpd in January – OPEC

“We moved quickly and scrapped the existing agencies and replaced them
with new ones. We have inaugurated their new Chief Executives too.

“We also ensured the incorporation of the Nigerian National Petroleum Company Limited (NNPCL) under the Companies and Allied Matters Act (CAMA).

“The NNPCL is a limited liability company now and our target is to make it the biggest, the most capitalised and the most profitable company in the whole of Africa.

“We will ensure further optimal exploitation and utilisation of the country’s vast natural gas resources.

“Given the country’s potential of about 600 trillion cubic feet, natural gas has the enormous potential to diversify and grow Nigeria’s economy.

”We are fully aware that energy transition raises the bar in terms of environmental, social and governance demands.

“We do not have to panic. We are already building blocks and bricks that will ensure seamless energy transition as the country joins in the race for net-zero carbon emission.”

The summit, which opened on Monday, will end on March 3.

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