President Muhammadu Buhari has informed that the actualization of the Petroleum Industry Act (PIA) was his administration’s biggest achievement in the energy sector.
The President made the remark in his address at the opening ceremony of the 6th edition of the Nigeria International Energy Summit (NIES)
Speaking at the ceremony which was held at the banquet hall of the State House, Abuja on Monday, 17th April, 2023, Buhari, who was represented by the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, said, “for decades, we were told that because of the various vested interests, it would be near impossible to pass the Bill, but we made it happen”.
He noted that, what his administration did with the Bill was revolutionary. He further explained that, following the enactment of the Act, his administration wasted no time in implementing some critical aspects of the provisions of the Act.
To this end, existing agencies were scrapped and replaced with the new regulators; the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) while the Nigerian National Petroleum Corporation (NNPC) was transformed to a Limited Liability Company-the Nigerian National Petroleum Company Limited (NNPCL) which is poised to become the biggest, most capitalized and most profitable company in Africa.
The President recounted that his administration recorded giant strides in the natural gas sector. “The agenda was gas revolution. We pushed for the diversification of Nigeria’s economy and drive Industrialization through domestic gas utilization”, he stated.
Buhari listed other landmark initiatives launched by his government to include; National Gas Transportation Network code (NGTNC), Nigerian Gas Flare Commercialization Programme (NGFCP), Ajaokuta-Kaduna-Kano (AKK) natural gas pipeline project among others.
In his remarks at the ceremony, the Permanent Secretary, Ministry of Petroleum Resources, Ambassador Gabriel Tanimu Aduda, noted that the summit provided a unique opportunity for the coming together of stakeholders with a view to sharing knowledge and insights, and to discuss the challenges and opportunities that plague the energy industry globally.
“We are living in an era of rapid change, with new technologies, shifting geopolitical realities, and changing global energy demands”,
The Permanent Secretary noted that, it was clear that energy played a critical role in shaping the world.
He opined that, Nigeria is endowed with considerable deposits of oil and gas resources which had over the years played a very important role in the country’s development, adding that the government was working to ensure that the energy sector remained a key driver of economic growth and social progress.
“We are also committed to a sustainable energy future, and we are investing in renewable energy, energy efficiency, and clean technologies. We believe that by working together, we can build a more resilient, sustainable, and equitable energy future for all, he stated.
There were goodwill messages from the Organisation of Petroleum Exporting Countries (OPEC), African Petroleum Producers’ Organization (APPO), Gas Exporting Countries Forum (GECF), Independent Petroleum Producers Group (IPPG), Chevron Nigeria Ltd, Nigerian National Petroleum Company Limited (NNPCL) among others.
The theme for NIES, 2023 is: “Global Perspectives for a Sustainable Energy Future”