The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has reiterated the Ministry’s commitment to partner with the Central Bank of Nigeria (CBN) in the crude oil and gas export to mitigate the present economic realities.
The partnership, he added, will also enhance key government policies of boosting domestic production, diversifying the export base of the economy to positively impact the sector as well as contribute to the current export growth status.
In a statement on Thursday, Head, Press and Public Relations Unit of the Federal Ministry of Finance, Chukwu Helen Oby said Edun disclosed this during a one-day sensitisation seminar on the Nigerian Oil and Gas Exports, with the theme, ‘Unlocking the Potentials of the Nigeria Gas Exports, A Gateway to Sustainable Economic Development’, on Thursday in Kano.
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The Minister, who was represented by Deputy Director, Trade Relations, Idris Giwa said, “Increasing our gas export as the nation can no longer rely solely on oil revenue for our foreign exchange earnings was necessary.”
He hinted that the workshop served as a platform to deepen the understanding of the evolving regulatory framework, share best practices, and foster collaboration among stakeholders.
According to him, presently the Federal Ministry of Finance, in collaboration with the CBN and the Ministry of Mines and Steel Development has reached an advanced stage in developing distinct mineral export guidelines aimed at complementing the determination of mineral’s quantity, quality and value for export purposes.
The draft mineral export guidelines have been subjected to several reviews, where stakeholders’ buy-in and endorsements were obtained and incorporated.
He reiterated that the ministry would continue to work tirelessly to finalise the draft document in line with existing laws and policies of the government for public use.
According to the minister, the completion of the mineral export guidelines would necessitate the review of the crude oil and gas export guidelines to streamline the export process in a manner that would accommodate the peculiarity of the sector.
He stressed that the review would trigger a more self-reliant and sustaining environmental performance of the gas sector.
Edun solicited the cooperation of all stakeholders to play by the rules to achieve the much-desired efficiency and effectiveness in trading across borders.
Earlier in his welcome address the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya represented by the Deputy Director, Trade Relations II, Mrs Rukayatu Abdullahi Ahmed mentioned that “if the operations in the crude oil sector is properly coordinated and regulated, loopholes, leakages and cases of non-payment of NESS fees due to the government would be plugged, thereby boosting government revenue base and the challenge of ascertaining the actual quantity, quality, and price competitiveness of gas export would be put to rest.
She said Nigeria holds a prominent place on the global energy market, especially, in the natural gas sector with abandoned untapped reserves, noting that, with favourable government policies, this sector offers a compelling investment landscape.
She added that it will help individuals harness the limitless opportunities available in the gas industry to thrive.
The Permanent Secretary implored all to take advantage of the platform to come up with constructive ideas to address the challenges, share experiences and explore innovative solutions for a successful oil and gas industry.
The Assistant Director Export 1, Mrs Zainap Yusuf, applauded the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun; the Permanent Secretary, Mrs. Lydia Shehu Jafiya, for their unwavering support towards implementing government policies, particularly the approval of the sensitisation seminar, promising that they will reciprocate the kind gesture in the task ahead.
The occasion was also attended by the Comptroller-General of the Nigeria Customs Service, Mr Bashir Adewale Adeniyi, represented by the Deputy Comptroller of Customs, Oguche Chibuzo, the Director-General, Standard Organisation of Nigeria (SON), Dr Ifeanyi Chukwunonso Okeke, represented by Dr Ado Ibrahim; Tafudeen Yakubu, representing the Managing Director, Nexim Bank; Kashim Ibrahim, representing the Director -General, NAFDAC, amongst others.
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