Speaking at the National Assembly Capacity Building Workshop hosted by the Independent Petroleum Producers Group (IPPG) and the Oil Producers Trade Section (OPTS) in Abuja, Senate President Godswill Akpabio expressed optimism about Nigeria’s ability to meet the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.8 million barrels per day with careful planning and execution.
Represented by Senate Committee Chairman, Petroleum Upstream, Etang Williams, Akpabio noted that Nigeria’s crude oil production reached 1.35 million barrels per day in September, marking a 14% increase from August and the highest figure in 2023. He attributed this achievement to the federal government’s determination and effort.
He stressed that the collaboration between the National Assembly and the oil and gas industry would pave the way for progress and development in the country.
However, Akpabio also acknowledged the challenges faced by Nigeria in utilizing its oil wealth for the betterment of its citizens, highlighting the neglect of agricultural and manufacturing sectors. He referred to this situation as a “resource curse” where nations fail to improve living conditions and foster economic growth with their wealth.
A further point he made was the necessity of bold actions to address issues like the petroleum subsidy, which has negatively impacted the nation’s economy.
Osten Olorunsola, the chairman of Energy Institute, Nigeria, added that oil theft and sabotage were contributing factors to the decline in Nigeria’s oil production and export earnings.
He called for a review and implementation framework after two years of the Petroleum Industry Act (PIA) implementation.
Nathaniel Oyatogun of OPTS Gas Subcommittee discussed the Decade of Gas program, emphasizing the need for significant pipeline infrastructure development, such as the Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline, to fulfill the program’s objectives.
He outlined three key interventions for success: guaranteeing attractive reforms, enabling investment in supporting infrastructure, and creating investor confidence.