‘Poor governance framework bane of investment in extractive sector’
• Saraki, Dogara, others to discuss leeway to Nigeria’s oil industry
THeinability of the federal government to sustainably address key issues affecting the extractive industry, especially the lapses in governance law, will continue to limit foreign direct investment into the sector, stakeholders have said.
The experts, who spoke ahead of a high level lecture series that kicks off in Abuja today, accused the federal government of deliberately slowing down reforms that would have spurred FDI into the country.
The Senate President, Bukola Saraki would lead other stakeholders in the oil and gas sector to discuss some of the issues, especially governance law and emerging challenges.
Saraki, his colleague, Speaker, House of Representatives, Yakubu Dogara, Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, Executive Secretary of Petroleum Technology Development Fund, Bello Aliyu Gusau and other industry players would focus on ‘Nigeria’s Petroleum Industry Governance Law & Global Investment Opening In The Sector’, at a lecture series organised by the Institute of Oil & Gas Research & Hydrocarbon Studies.
The Chairman of Council of the Institute, Prof. Akin Akindoyeni, who noted that the federal government must urgently address the issues around governance of the oil sector, stressed that the country is losing billions of dollar by playing politics with the challenges hindering the sector. To him, with the amount of oil deposit in the country, monopoly, which is supported by the government, is drastically affecting the sector.
Akindoyeni said the event, which starts today in Abuja would create opportunities that would expose the areas in which investment in oil and gas and hydrocarbon is possible in Nigeria.
“We have so many battlefronts and the weapons we are going to use depend on research. In the near future most of us would begin to gather authentic data on exploitation of oil and gas and hydrocarbon in Nigeria.
“To identify where it will pay the country and the host communities, to help people invest in either the upstream or downstream. But not the way it is being done now,” the Prof. said.
Akindoyeni noted that the event would enable the institute to make important recommendation to government on real facts and the areas of investments and what the conditions of investments could be for Nigerians and foreigners.
“On our upcoming programme, we have academics that are doing real research in these areas and you will hear some of them speak. What they are going to be telling you will be based on data. You will be listening to them and you will start to see the depth of the problems of the oil and gas and hydrocarbon in Nigeria.
“From there, we will know what has to be done for investment that will benefit this country and people of this country. I believe those who work at the alter most also eat,” he said. Akindoyeni, stated that the Institute of Oil and Gas Research and Hydrocarbon Studies is a multilateral research, not-for-profit educational Institute, was established under CAM Act 1 Laws of the Federation of Nigeria 1990, and approved by Nigeria’s Federal Ministry of Education and the Federal Ministry of Justice.