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Nigeria’s Short-Term Solutions Rooted in Petroleum Sector, Affirms Minister Lokpobiri, as Minister Ekpo Targets Hydrocarbon Sector Enhancement

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The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has underscored the critical role of Nigeria’s petroleum sector in addressing the country’s immediate challenges. Speaking at the Ministry’s 2024 Sector Retreat held on Tuesday, March 26th, 2024, in Abuja, Minister Lokpobiri highlighted that 90% of Nigeria’s foreign exchange earnings originate from the petroleum sector.

Themed “Building Synergy for Enhanced Development in the Oil and Gas Sector,” the retreat aimed to deliberate on strategies to meet the targets set for the Ministry by President Bola Ahmed Tinubu during the Ministerial retreat in November 2023.

Minister Lokpobiri outlined the primary target as ramping up production to increase revenue and meet obligations in the midstream and downstream sectors. He emphasized collaboration with key entities like the Nigerian National Petroleum Company Ltd. (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to address challenges such as insecurity and pipeline vandalization, thereby attracting sustainable investments across the sector.

Echoing Lokpobiri’s sentiments, Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, emphasized the retreat’s objective of repositioning the hydrocarbon sector for optimal performance. Ekpo reiterated President Bola Ahmed Tinubu’s commitment to unlocking Nigeria’s abundant gas resources for economic development, underscoring the imperative of confronting challenges collectively.

Amb. Nicholas Agbo Ella, the Permanent Secretary of the Ministry of Petroleum Resources, emphasized the Ministry’s mission to foster lasting transformation within the sector, aligning with the administration’s goals and the Petroleum Industry Act of 2021.

The ongoing retreat, attended by Directors, Heads of Units, and Agencies under the Ministry of Petroleum Resources, among others, signifies a concerted effort toward charting a path for sustainable growth and impactful change within Nigeria’s petroleum sector.

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