FG INAUGURATES COMMITTEE TO REPOSITION OIL AND GAS SECTOR
By: Safiya Abdulrahim Dabban
The Federal Government has inaugurated a committee to develop a new strategic plan for Nigeria’s oil and gas sector in line with the Petroleum Industry Act (PIA) 2021, National Development Plan 2021–2025, and Nigeria Agenda 2050.
Permanent Secretary, Ministry of Petroleum Resources, Dr. Vitalis Obi, said the initiative aims to strengthen coordination, accountability, and performance across the sector. He noted that despite contributing 6.4% to Nigeria’s GDP and over 85% of export earnings, the sector still faces challenges such as infrastructure decay, declining production, and the global energy transition.
Dr. Obi explained that the plan will serve as a roadmap for sustainable growth, improved efficiency, and stronger inter-agency collaboration among key institutions, including NNPCL, NUPRC, NMDPRA, PTDF, NNRA, NCDMB, and PTI.
The new Strategic Plan (2025–2030) will outline clear performance indicators in areas like gas monetization, refining, energy transition, and fiscal optimization, aligning with President Bola Tinubu’s Renewed Hope Agenda for economic diversification and energy security.
Committee Chairman, Usman Abdulkadir, said the group will produce a Petroleum Sector Road Map and Monitoring Framework to guide implementation and ensure inclusiveness across all agencies.