Oil & Gas Industry pivotal to Nigeria's foreign earnings - Senator Albert - Paul Ukpabio's Blog


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Thursday 8 July 2021

Oil & Gas Industry pivotal to Nigeria's foreign earnings - Senator Albert

By Anny Michaels

Distinguished Senator Bassey Albert, Chairman, Senate Committee on Upstream Petroleum Resources says Nigeria's oil and gas sector remains pivotal in determining the Nation's foreign exchange as such the urgent need to have laws that will unbundle the sector for greater impact on the Nation's economy.

Senator Albert made the assertion on Wednesday in Abuja at the International Conference Centre while addressing the 20th Edition of Nigeria's oil and Gas exhibition.

Albert who has been nominated by the Senate President to represent South South in the PIB conference committee noted that despite Nigeria being ranked as the 10th largest producer globally and the most prolific in Sub-Saharan Africa, the country is yet to reach its potential in terms of development of the Oil and Gas sector.

He stressed ''It has become necessary for the country to enact laws that will enable unbundling of the sector for optimal growth".

OBA as he is fondly called was however very hopeful in Nigeria's prospects particularly as the Petroleum Industry Bill (PIB) which was recently passed by the National Assembly will change the narratives in the sector thereby enabling more opportunities in investments for Nigeria's ultimate benefit.

Senator Albert also pointed out that the committees set up by the leadership of the respective chambers of the National Assembly will work in harmony to address the concerns arising from the recent passage of the PIB before a clean copy of the bill is transmitted to  President Buhari for assent. 

This year:s conference had as the theme ''Fortifying The Nigerian Oil and Gas Industry for Economic Stability and Growth'' with evolving ideas on refocusing the sector to attain globally sustained  relevance.

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