IPPG urges New Administration to Grow and Expand Industry

The Independent Petroleum Producers Group (IPPG) has urged Sen. Bola Tinubu’s new administration to remove the obstacles to industry expansion and energy security.
At the sixth Nigeria International Energy Summit (NIES), which was held on Monday in Abuja, IPPG Chairman Abdulrazaq Isa made the appeal.
According to Isa, the administration’s plan for the sector should be focused on boosting investor confidence by effectively implementing the Petroleum Industry Act (PIA) and fortifying regulatory institutions.
He said that despite recent Federal Government victories, the threat of petroleum theft persisted in the Niger Delta and should be stopped by the future administration.
Others on Isa’s list were developing a larger value-creating midstream (gas processing facilities) and downstream (refineries), turning Nigeria into a provider of products, and utilising the nation’s hydrocarbon resources, particularly gas, to accelerate and quickly industrialise the economy.
He stressed the necessity of getting rid of all industry-wide subsidies for refined and hydrocarbon products since they continue to be harmful to the development of a thriving sector.
Isa demanded that the industry be immediately repositioned.

Dr Omar Farouk, the Secretary-General of the African Petroleum Producers’ Organisation (APPO), also spoke and urged for an atmosphere that would support the continent’s energy security.
Farouk mentioned the lack of capital, outdated technology, and dependency on export markets as problems facing the African energy sector.
According to him, Africa has been producing petroleum for seven decades. To manufacture the goods, Africa has always relied largely on foreign financing, foreign technology, and to some extent, foreign experience.
According to Farouk, APPO spent the previous three years concentrating on these three issues and came to the conclusion that Africans held the key to the industry’s future.

Source: Allnews Nigeria

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