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Solution To Nigeria’s Problem Lies In Petroleum Sector- Lokpobiri

Lokpobiri charged the heads of agencies and top management staff of the ministry, to work in unity to achieve the ministry’s key performance indicators.


A graphic illustration of barrels of crude oil

 

The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has said the solution to Nigeria’s numerous challenges lies in the petroleum sector.

The minister made the assertion at a sectoral retreat organised by the Ministry of Petroleum Resources, on ways to build synergy for enhanced development in the oil and gas sector.

Speaking on the presidential mandate for the ministry, Lokpobiri charged the heads of agencies and top management staff of the ministry, to work in unity to achieve the ministry’s key performance indicators.

Some of the key performance indicators he listed include; ramping up production, rehabilitating the refineries, tackling insecurity and vandalism, and ensuring competitiveness in fiscal and regulatory frameworks, among others.

The minister also hinted; that the ministry was working towards re-signing the local content law, which was suspended by President Bola Tinubu due to misapplication.

He also disclosed that the ministry had begun a campaign to attract investors into the sector, while stating that one of the major challenges that made investors pull out, was due to the regulatory framework of the Petroleum Industry Act (PIA), and the lack of an enabling environment for businesses to thrive in the country

Lokpobiri’s stand came following global debates on the need for oil-rich countries, to wind up oil and gas exploration, and focus on renewable energy sources as a way to promote a cleaner environment.