Minister Lokpobiri Unveils Strategic Framework for Nigeria’s Petroleum Sector in Istanbul
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), introduced a comprehensive strategic plan during the Cross Industry Group meeting held in Istanbul, Turkey.
The meeting, attended by key figures in Nigeria’s oil and gas sector, served as a platform for unveiling initiatives aimed at ensuring resilience, competitiveness, and sustainability in the nation’s crucial oil industry.
A statement by Nneamaka Okafor, the Minister’s Special Assistant on Media and Communication, emphasized Lokpobiri’s articulation of the oil sector’s substantial contribution to Nigeria’s economy, accounting for approximately 85% of government revenue and being a primary foreign exchange source.
He stressed the sector’s need to remain competitive and profitable while navigating global market fluctuations and the global shift towards cleaner energy.
Outlining the government’s dual approach, Lokpobiri explained the immediate priority of increasing crude oil production and revenue while embracing a gradual transition to cleaner energy solutions.
“In the short term, our focus remains on maximizing revenue from crude oil production,” he stated.
Lokpobiri also addressed environmental concerns, noting that the global energy landscape is evolving.
He underlined Nigeria’s strategic focus on natural gas as a transitional fuel and highlighted government support for renewable energy projects to diversify Nigeria’s energy portfolio.
“The world is moving toward cleaner energy, and Nigeria must be part of that transition,” he noted.
The minister acknowledged the persistent security issues in the oil-producing Niger Delta region.
He detailed efforts to enhance infrastructure protection through military support and advanced surveillance technologies like drones and satellite monitoring.
Moreover, Lokpobiri emphasized the importance of local community partnerships, stating that engaging communities and creating economic empowerment programs are vital for deterring vandalism and oil theft.
“We are engaging communities and encouraging partnerships that foster local ownership of critical assets,” Lokpobiri affirmed.
He also spoke about collaboration with the Nigerian Navy and the Joint Task Force to implement these security measures effectively.
Lokpobiri announced new fiscal incentives designed to attract investment and drive economic growth within the sector.
“Our goal is to streamline the contracting cycle to six months, making it more investor-friendly,” he said.
Highlighting President Tinubu’s administration’s vision, the minister noted efforts to promote non-associated gas and deep-water developments.
The minister reiterated the government’s commitment to the Nigerian Oil and Gas Industry Content Development Act (NOGICD), which promotes local industry participation.
He emphasized a pragmatic approach to local content development that attracts foreign investment without imposing unnecessary barriers.
Lokpobiri assured stakeholders of ongoing discussions to align future amendments with the industry’s needs while upholding local growth priorities.
Senator Lokpobiri concluded his remarks with a call for greater accountability and collaboration among oil industry stakeholders.
