Unlocking Nigeria’s Industrial Potential: Experts call for strategic yse of Oil and Gas Resources

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Nigerian Economic Summit Group (NESG) has called for urgent steps to utilise the country’s oil and gas resources to drive industrial development, create jobs, and stimulate economic growth. This call to action was made during a high-level pre-summit dialogue in Abuja.

For further information, read more details here

Engr. Mansur Ahmed stated, “The ongoing reforms in Nigeria provide a chance to rethink how the oil and gas industry can support long-term development and help the country move closer to building a strong industrial base.”

Mr. Kelvin Emmanuel highlighted Nigeria’s lagging industrial development, noting that the country is ranked 8th on the African Industrialisation Index and 98th globally on the UN’s Competitive Industrial Performance Index. He said, “Nigeria’s manufacturing value per person is just $216, compared to $645 in South Africa and $524 in Egypt. Instead of helping the country grow its industries, Nigeria’s oil wealth has mostly supported a system where crude oil is extracted and exported without much local processing. This needs to change.”

Emmanuel also emphasized the need for proper implementation of the Petroleum Industry Act (PIA) and better alignment with Africa’s Agenda 2063

Ms. Laura Ani urged Nigeria to rethink its approach to oil and gas, stating, “The sector must now be used to support industries and innovation. This requires better planning and strong links between how Nigeria manages its natural resources and how it grows its economy.”

Dr. Aminu Abdullahi Isyaku stressed the importance of partnerships and research, saying, “There is a need for stronger partnerships between government, universities, and private companies. Research and development should be a priority, not a luxury.”

Mrs. Funmi Ogbue shared her insights, noting that Nigeria can learn from countries like Norway. She said, “Nigeria needs consistent policies, long-term contracts, support for exports, and serious investment in research and development. Efforts that are poorly planned or influenced by politics will not achieve the desired results.”

Dr. Taiwo Ogunleye emphasized the need for effective implementation of existing laws, stating, “The main problem in the oil and gas sector is not the absence of good laws but the failure to implement existing ones.” The Petroleum Industry Act already provides tools for industrial development.”

The dialogue concluded with a call for a strong industrial policy that leverages the oil and gas sector for technology-driven growth and aligns with the African Continental Free Trade Area (AfCFTA) to enhance competitiveness across the region.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post