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Former Minister of State for Petroleum Resources, Prof. Emmanuel Ibe Kachikwu, has called for bold reforms, policy stability, and stronger local participation in Nigeria’s oil and gas industry to reposition the sector for sustainability and competitiveness in the face of global energy transition.
Kachikwu, who made the call on Monday while delivering a lecture at the Nigerian Content Development and Monitoring Board (NCDMB) Headquarters, Yenagoa, during the 2025 edition of the NCDMB Business Mentorship Lecture Series, noted that oil theft, pipeline vandalism, underinvestment, and regulatory uncertainty have worsened the sector’s decline in recent years.
He said the challenges lead to a sharp fall in production from over 2.1 million barrels per day in 2017 to below 1.4 million barrels in 2023.
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In his presentation titled: “The Journey of Nigeria’s Oil Industry: Past, Present and Future,” the former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) traced the history of the petroleum sector from the discovery of crude oil in Oloibiri in 1956 to its current challenges.
According to him, the oil boom of the 1970s elevated Nigeria to the position of Africa’s largest producer and the sixth-largest exporter in the world, with revenues funding massive infrastructure projects.
However, the period also entrenched overdependence on oil, neglect of agriculture, corruption and environmental degradation, particularly in the Niger Delta.
While highlighting opportunities, he stressed that the Petroleum Industry Act (PIA) of 2021, if fully implemented, could strengthen governance and attract investments.
He also pointed to the rise of indigenous oil companies such as Seplat, Aiteo, Oando, and Heirs Oil and Gas as a sign of industry transformation.
Kachikwu, who once presided over OPEC and the African Petroleum Producers Organisation, outlined key reforms Nigeria must undertake to secure the future of its oil sector.
These include deploying modern technology to monitor pipelines, ensuring consistent policies to restore investor confidence, de-politicising regulatory agencies, addressing host community grievances, and embracing green energy transition.
He recalled his role in advancing Nigerian Content reforms, where local participation in contracts rose from less than five percent pre-2010 to over 30 percent by 2020.
He also highlighted initiatives such as the $200 million Nigerian Content Intervention Fund, in-country fabrication projects, and training programmes that equipped over 7,000 Nigerians with technical skills. Beyond policy, Kachikwu urged young Nigerians aspiring to build careers in the oil industry to embrace adaptability, innovation, integrity, and a strong sense of responsibility towards communities and the environment.
He said: “The oil industry may be facing disruption, but it is also full of opportunities,” he said. “It is not just about barrels and dollars; it is about national survival, community welfare, and the environment we will leave for future generations.”
The lecture also drew inspiration from global icons such as Nelson Mandela, Bill Gates, Elon Musk, and Aliko Dangote, with Kachikwu emphasising perseverance, self-belief, and innovation as essential values for success.
He charged the younger generation to build on existing reforms with courage and integrity, stressing that Nigeria’s energy future lies in balancing petroleum development with renewable energy adoption and inclusive growth.
Source: DailyTrust | Read the Full Story…
