…Underscores media’s role in shaping nation’s economic growth
Goddy Ikeh, a former deputy editor-in-chief, News Agency of Nigeria (NAN), has urged the Federal Government (FG) to sustain the current investment drive in the oil and gas sector as part of efforts to deliver the ‘Renewed Hope’ agenda for the sector.
“Nigeria needs to maintain government investment in the oil and gas sector, while striving to meet pressing social needs,” Ikeh said during the recent one-day training for journalists held at the Lagos Airport Hotel, Ikeja, Lagos.
Themed, ‘Shaping Nigeria’s Business and Economic Growth: Insights from the Media,’ the training was sponsored by Chevron in collaboration with the Nigeria National Petroleum Corporation (NNPC).
According to Ikeh, there is a need for the government to integrate assets across the gas value chain, by adopting capital-efficient models to deliver long-term value in the oil and gas sector.
Speaking on the title, ‘Unlocking the full Potentials of Nigeria’s Oil & Gas Sector for Sustainable Economic Growth,’ Ikeh said that for several decades, the oil and gas sector has been the mainstay of Nigeria’s economy and also examined the progress made over the years, its challenges as well as how best to unlock its potentials.
According to him, Nigeria’s average daily crude oil production had in June this year, exceeded the Organisation of Petroleum Exporting Countries (OPEC)’s quota of 1.5 million barrels per day.
He said that in May, the nation’s crude output stood at 1.45mpd, while both crude and condensate were 1.65mbpd, adding that the output is still below the targeted 2.06mbpd projected in the 2025 budget.
“Speaking recently on oil production, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, said that Nigeria was ramping up production with a medium-term goal to hit 2.06 million barrels per day by 2027,” Ikeh said.
He further said that in spite of the contributions of oil and gas agencies and local operators to the feat achieved so far, there were still challenges confronting the industry. “Infrastructure, absence of a well-integrated gas network, lack of a unified pricing structure for both petroleum products and gas across the Nigerian markets.
“Absence of adequate capacity building structures, deficit in essential infrastructure, inadequate environmental remediation measures, gas flaring, lack of reservoir maintenance strategies, crude oil and petroleum products theft, among others,” Ikeh identified as some of the sector’s challenges.
He also underscored the role of the media in helping to shape the narrative, through reportage and information to the public.
Among others, he called for effective coverage of the oil and gas sector, ensuring that projects in the sector were executed timely, ensuring that industry players are accountable, as well as monitoring execution of projects in the industry
In his recommendation, he underscored the need for greater collaboration among stakeholders, government, regulators, investors and communities to build and sustain the current momentum in the industry.
