By Bassey Udo
Nigeria’s oil and gas industry requires bold and coordinated reforms to reposition the country from a resource-based economy to a globally competitive engine of industrial growth and national prosperity, the Independent Petroleum Producers Group (IPPG) has said.
Speaking at the opening session of the just-concluded 25th Nigeria Oil & Gas (NOG) Energy Week in Abuja, the IPPG Chairman, Adegbite Falade, noted the reforms the Federal Government has already embarked upon to revitalize investor confidence, increase oil production and attract significant investments in the upstream sector of the petroleum industry.
Falade said Nigeria’s improving production profile and record investment commitments demonstrated the impact of collaborative efforts between government, regulators and industry.
Despite this progress, he said Nigeria must seize the moment by investing in infrastructure, accelerating gas development and strengthening the entire energy value chain to maximise economic value.
He warned that recent global geopolitical disruptions have shown that countries without sufficient production and processing capacity were unable to capitalize on emerging opportunities.
“Our ambition must extend beyond producing more barrels,” he said, adding that success should be measured by the industries built, jobs created, value retained and prosperity delivered for Nigerians.
The IPPG Chairman also called for a more competitive operating environment, including the harmonization of multiple taxes and levies across the sector, sustained investment in critical infrastructure and talent development, and a comprehensive review of the Petroleum Industry Act (PIA) to reflect evolving industry realities and consolidate recent reform initiatives.
“As we celebrate 25 years of NOG Energy Week, this must be the moment Nigeria moves decisively from extraction to value creation. The future belongs to those who invest early, reform boldly and collaborate effectively,” the IPPG Chairman said.
IPPG reaffirmed its commitment to working with government, regulators and industry stakeholders to build a resilient, investment-friendly energy sector capable of driving sustainable economic growth and long-term energy security.
