PRESIDENT Muhammadu Buhari, on Monday, said his administration would not stop the fight against corruption until a new image was created for Nigeria, where transparency would be the watchword in all the transactions.
He stated this while declaring open an ongoing Nigeria International Petroleum Summit (NIPS), an African Petroleum Technology and Business Conference, held at International Conference Centre (ICC), Abuja.
The President said corruption in oil and gas industry must not be allowed in any form, saying his administration emphasis on gas investment was resources part of government effort to a cleaner economy that is gas based in alignment with the Paris climate Change agreement.
President Buhari whose message was delivered by the Secretary to Government of the Federation (SGF), Boss Mustapha, therefore, said his administration would continue to strive to achieve seven percent GDP target within the next three years.
According to him, I wish to place on record that since the launch of the petroleum industry roadmap and Economic Recovery and Growth Plan (ERGP), we have recorded numerous successes especially in getting Nigeria out of recession and sustained increase in our foreign reserves.
“We will continue to strive to achieve our target of 7% GDP growth rate within the next three years and be rest assured previous efforts will be sustained. Our effort in stakeholder engagement and stabilizing the Niger Delta will continue to receive due attention to ensure a sustainable level of production.” He assured.
On the summit, the president said it was designed to be Africa’s largest and most important platform and linkage to the world where technological breakthroughs would be unveiled, saying part of the objective was to deepen, enrich and provide leadership for Africa and make it one of the most important annual oil and gas events globally.
“It will potentially economic benefits, generate employment and expand businesses in Nigeria and Africa.
This summit will afford Nigeria a unique opportunity to showcase to the international community policy direction and effort of government in the petroleum sector especially the new oil and gas exploration and markets, new measures to sanitize the sector, the expansion of investment opportunities to boost investors’ confidence, technological advancement, Nigerian content development, the institutionalization of reforms in the country’s oil and gas industry and the galvanization of Nigeria’s position as the leading oil producer in the continent of Africa.
“Nigeria is open to private sector investment in the downstream sector and pursuing vigorously a programme for the rehabilitation of existing refineries so as to enhance capacity to supply locally refined petroleum products in Nigeria and West Africa. This is a very key component of the national petroleum industry roadmap and 2017 to 2020 (ERGP).
“We will continue to ensure that all efforts in the petroleum sector and issues related to transparency, efficiency, enabling business environment and deploying new policies and regulations so that investors will always feel at ease. The agenda for this summit portrays opportunities for all hence we should do more than just talk about it, we should also act on the resolutions from here,” the president urged.
Earlier, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanta Kacalla Baru, stated that it is high time that African countries collaborate and trade amongst each other and not only in terms of oil and gas but in other key sectors.
According to him, one of the key takeaways from an event as this is the networking opportunities and the strategic partnerships we make to better not just our industry but also our respective economies. No one will do it for us, the onus lies on us to do for ourselves.
“I have full confidence that the discussions and interests alike will stir up strategies and actionable items that would crystalize into a veritable roadmap for our industry and indeed our energy future,” the NNPC boss stated.
Also speaking, the Minister of State for Petroleum, Dr Emmanuel Ibe Kachikwu, said if the foundation laid by the current administration in oil and gas sector could be maintained and sustained, the future of oil and gas industry in Nigeria is bright. He, therefore, sought for collaboration among various stakeholders.
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In his speech, the Secretary-General, Organization of the Petroleum Exporting Country (OPEC), Mr Mohammad Sanusi Barkindo, said Nigeria is consistently regarded as one of the respected members of OPEC particularly in the realm of consensus building.
He said OPEC has embarked on one of the most innovative enterprises ever known in the history of oil- the declaration of cooperation.
This innovation, according to him, was a response to an unprecedented market turbulence which had a devastating effect not only in the industry but in the economies of OPEC member countries.