Dr. Olisa Agbakoba SAN Calls for Overhaul of Nigeria’s Oil and Gas Sector
On Tuesday, July 2nd, 2024, our Senior Partner, Dr. Olisa Agbakoba SAN, analyzed Nigeria’s oil and gas sector at a press conference. He argued that the current system, including the Petroleum Industry Act (PIA), is not helping the Nigerian people and is causing poverty and hunger in the country.
Dr. Agbakoba pointed out several problems with the current system. He raised concern about the PIA not being clear about how hydrocarbon processes work. He thinks this has made Nigerian players less important and let International Oil Companies (IOCs) become more powerful amongst other concerns.
Also read: Rethinking Nigeria’s Oil and Gas Governance for National Development
To address these issues, Dr. Agbakoba proposed a model similar to Saudi Arabia’s, where a single Minister of Energy oversees all energy resources, including oil, gas, electricity, and minerals. He also advocated for a complete dismantling of the current system and its replacement with one that prioritizes Nigerian interests. He thinks the government should borrow money using its assets as security, instead of depending on IOCs. He also emphasized the need for Nigeria to work hard to sell its crude oil and train its people to do key jobs in the oil and gas sector like Saudi Arabia. Additionally, Dr Agbakoba wants the government to have its ships carry crude oil, instead of using private companies.
Dr. Agbakoba expressed concern about the “hypocrisy” of developed countries, arguing they are not doing enough to support developing countries like Nigeria. He concluded by calling on President Bola Tinubu to appoint capable ministers who understand policy formulation and execution and to implement a more efficient government structure. He emphasized the importance of taking control of Nigeria’s resources and prioritizing its interests in the global economy. These impassioned remarks highlight the urgent need for a comprehensive overhaul of Nigeria’s oil and gas sector, a sector he believes is failing to deliver its potential benefits to the Nigerian people.
Contributor
