By Promise Etim
Despite being ranked the 10th largest producer globally and the most prolific in Sub-Saharan Africa, Nigeria is yet to reach its potential in terms of the development of the Oil and Gas sector.
This was the key highlight of a keynote address delivered by Senator representing Akwa Ibom North-East and Chairman Senate Committee on Petroleum Resources (Upstream), Obong Bassey Albert, at the 20th Annual Conference of Nigeria Oil and Gas and Exhibition, held at the International Conference Center, Abuja on Wednesday.
Senator Albert said it has become necessary for the country to enact laws that will enable unbundling of the sector for optimal growth. This according to him is imperative as the sector is grossly responsible for the country’s Foreign Exchange earnings.
The lawmaker expressed optimism in the Nation’s prospects, hinting that the Petroleum Industry Bill (PIB) which was recently passed by both arms of the National Assembly will revolutionize the sector and position it for more investment opportunities.
On the concerns expressed by Nigerians with respect to the PIB, Senator Albert noted that the committees set up by the leadership of the respective chambers will work in harmony to address the gaps and come up with a document that will be forwarded to Mr. President for assent.
The conference which was focused on ‘Fortifying The Nigerian Oil and Gas Industry for Economic Stability and Growth’, also proffered solutions that could help in strengthening the Nigerian market to become globally competitive.