We’ll ensure Nigeria benefits hugely from its vast natural resources – Buhari ●

By Bolaji Ogundele, Abuja

President Muhammadu Buhari has vowed that his administration would do all that have to be completed to ensure that Nigeria derives most profit from its large natural resources.

The President said this on Thursday throughout the digital inauguration of the National Oil and Gas Excellence Centre (NOGEC) at the Department of Petroleum Resources (DPR) headquarters, Lagos.

The President, nonetheless, reassured that Nigeria would proceed to strengthen its place as regional chief in the oil and fuel trade, pledging additional that the authorities would additionally proceed to leverage oil and fuel for improvement and pursue financial diversification throughout all sectors.

”You would recall that at the starting of this administration, we set a transparent street map for the oil and fuel sector with the intention to improve worth from the nation’s large useful resource potentials and create alternatives for buyers, each native and international, after I declared that: ‘Nigeria is Open for Business!’

”I’m delighted that since then, we have now witnessed main Final Investment Decisions in the sector corresponding to the AKK Pipeline challenge, the NLNG Train-7 challenge, and the completion of the 5,000 barrels per day Waltersmith Modular refinery.

”Our renewed drive for financial diversification, utilizing the oil and fuel trade as a pivot, stays on observe as we develop authorities revenues and deploy it to develop our Gross Domestic Product (GDP), generate employment and contribute to eliminating poverty in Nigeria.

”This National Oil and Gas Excellence Centre will function an built-in useful resource advanced to drive security, worth and price effectivity in the trade. It is subsequently one other milestone in the improvement of oil and fuel sector and the realisation of larger worth for the nation,” he mentioned.

Underscoring the significance of the Integrated Centre in enhancing the contribution of the oil and fuel sector to the nation’s GDP in addition to strengthening Nigeria’s place as regional chief in the trade, the President famous that the Centre has opened a brand new set of alternatives for the Nigerian Petroleum Industry in phrases of investments, price discount, security in operations and capability improvement.

”The institution of the National Oil and Gas Excellence Centre aligns with our administration’s dedication to foster stability, progress and sustainability of the Nigeria Oil and Gas Industry constant with the financial improvement and sustainability agenda articulated in the National Petroleum Policy 2017, National Gas Policy 2017, Economic Recovery and Growth Plan and the Economic Sustainability Plan, 2020,” he mentioned.

President Buhari subsequently urged all trade practitioners and stakeholders to help the job of nation constructing to grasp the ample alternatives in the nation.

The President recommended the Honourable Minister of State Petroleum Resources, Timipre Sylva, the Director/ CEO of DPR, Engr. Sarki Auwalu and the total employees of DPR on the actualization of the challenge.

On the affect of the COVID-19 pandemic on the nation’s financial system, President Buhari famous that in 2020, international economies have been confronted with unprecedented challenges and extreme shocks in the wake of the pandemic and attendant penalties.

The President mentioned Nigeria was not spared from the affect of the COVID-19, oil worth crash and OPEC manufacturing cuts with direct affect on authorities income projections and nationwide financial system.

”However, we’re rising extra resilient in 2021 owing, partially, to efforts of the companies of the Ministry of Petroleum Resources who work underneath my management and the direct supervision of the Honourable Minister of State, Petroleum Resources, to maintain oil & fuel manufacturing ranges steady, optimise authorities revenues, and ensure home vitality safety.

”The creation of the National Oil and Gas Excellence Centre presently is additional demonstration that the Nigeria Oil and Gas Industry has come of age, even in opposition to the odds.

”The Centre will function oil & fuel trade cost-reduction centre and hub for trade greatest practices, technical help and competence.

”It will additionally act as the oil and fuel techno-economic bureau to help the Government and its entities in coverage improvement and implementation efforts,” he mentioned.

In his remarks, the Minister of State Petroleum Resources, defined that the built-in Centre encompasses 5 items, designed to comprehensively cowl key areas of the trade whereas enhancing security, worth and price effectivity.

The items are: Search, Rescue and Surveillance, Command and Control Centre (SERAS) ; National Improved Oil Recovery Centre; Oil and Gas Alternative Dispute Resolution Centre; Oil and Gas Competence Development Centre and Integrated Data Mining and Analytics Centre.

On SERAS, the Minister additional defined that it is a flagship programme of the centre designed to reinforce security administration, emergency preparedness and response, and routine transportation for bed-space administration.

”SERAS will subsequently drive price discount and enhance operational effectivity throughout the trade. Conservatively, it is projected that upon full implementation of SERAS the annual trade expenditure for offshore and distant areas, flight logistics and emergency response will cut back by 50 per cent,” he mentioned.

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