FG urged to support energy sector potential

An energy expert, Sam Aiboni, has called for optimal harness of potential in the oil and gas sector of the economy.

Speaking at a recent Africa Investment summit in Lagos, Aiboni noted that some of the issues that require urgent attention for the country to progress economically are poor facilities, insecurity, alleged compromise of security personnel in oil theft and pipelines vandalism.

He also decried the reluctance of the presidency in assenting to the Petroleum Industrial Bill, unreliable gas supply and the interference of ineligible persons in oil and gas affairs and the Nigeria National Petroleum Corporation (NNPC) among others.

Aiboni stressed that all these could be fix since the revenue from the crude oil amounts to 95 per cent of Nigeria’s foreign income, it does not take eternity to fix the challenges.

“It will only take selfless men of action with political Will to get things right when due. It’s a shame Nigeria seems halpless in solving its peculiar challenges in the oil and gas sector, but I doubt and disagree to assertions making rounds that we lack the technical know-how to put things in the rightful perspective, rather, what we lack is the willingness on the side of men on whose shoulders rest the onus to get things right,” he stated.

The legal practitioner however espoused the opportunities in the sector saying that, there are abundant human and untapped maternal resources that need to be harnessed.

“Upgrading our infrastructures, building more refineries, oil service facilities, petroleum haulage, and tapping from our best brains and other opportunities are there to be explore by experts, but corruption, mismanagement and harsh economic business environment are repelling investors,” he stated.

He, therefore, called on president Buhari’s administration to take prompt actions in this regard as the minister of petroleum resources and ensure that all critical decision makers are kept on their toes to correct all the anomalies bedevilling the oil and gas sector as the engine room of Nigeria’s economy.

“From the National Assembly to the presidency, investors expects nothing but business friendly policies to make them commit their financial resources, and such policies must be put into action because what is said to be done must be seen to be done” he added.

In a keynote speech, Wofai Samuel who spoke on ‘why invest in Nigeria’ said, since this administration has taken steps to revamp the economy by putting salient measures and policies to attract investors, it’s favorable now to commit financial resources in the oil and gas sector among other sectors.

According to Wofai, the federal government has offered a three year tax holiday, interest drawback program, a five thousand cost business registration for new businesses; open till December 1st, 2018, the anchor borrowers Fund, as well as other intervention programs aimed at attracting investors and expanding existing businesses especially in export and SMEs sector.

She maintain that Nigeria has huge competitive advantage over many countries in Africa owning to our its abundant human and untapped natural resources.

“Opportunities abound in Agriculture, ICT, manufacturing, oil and gas, ARTs and others sectors. As Nigeria just recovered from recession, it’s best to invest now because so many vistas are open for exploits.

Still speaking “All we need to do is to charge the government to be honest and live up to its responsibilities by providing viable and feasible business environment and business friendly policies for businesses to thrive, Nigeria cannot afford to experience recession again” she maintained.

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