Nigeria’s Acting President, Professor Yemi Osinbajo, has restated the need for African leaders to come up with reforms that will ensure development in the oil and gas sector.
Professor Osinbajo expressed confidence that such reforms would go a long way in cushioning the losses incurred as a result of the fall in the price of oil.
He said this on Monday at the opening ceremony of the extra ordinary session of the Council of Ministers of African Petroleum Producers in Abuja, Nigeria’s capital.
The Acting President, however, noted that the reforms must be targeted at improving oil production which is at its lowest point in recent times.
He said that the volatility in the global oil market has affected the economies of various oil producing countries which consequently led to a devaluation of currencies.
Professor Osinbajo also decried the fall in oil prices in the last three years and its detrimental influence on the international and domestic market, reiterating that it must be addressed by reforming the sector to withstand any shocks that may arise in the near future.
On their parts, the Minister of State for Petroleum Resources, Dr. Ibe Kachiwu; and the Executive Secretary of African Petroleum Producers Organisation, Mahaman Gaya, recommended the adoption of technology for optimal performance in the sector.
They also explained how to resolve the lack of access to modern energy assets which they said has led to the use of traditional energy resources such as kerosene by a majority of the African population.
The event was convened to accelerate development in the sector through the sharing of best international practices among oil producing countries in Africa.
Observers at the gathering, however, stressed the need for the continent to develop other sectors such as agriculture and manufacturing for diversification of income generation.
