Gilbert Ekugbe
A renowned oil and gas expert, Mr. James Arukhe, has stated that Nigeria must make strategic investments in infrastructure, technology and security to meet its local and international energy obligations.
Arukhe in a statement stated that Nigeria’s economic managers must also prioritise investments in environmental sustainability, human capital and right policy reforms to boost the nation’s oil production.
He asserted that bridging Nigeria’s oil production gap and reviving the oil sector is not just a matter of necessity but an opportunity for transformative growth, adding that by fostering a collaborative environment where the government and private entities operate in mutual respect, Nigeria can unlock unprecedented revenue stream and gradually overcome its forex crisis.
Arukhe emphasised that these strategies would address the immediate operational efficiencies required in the oil sector and the critical need for long-term sustainability.
He advocated that to enhance its oil production capabilities, Nigeria could adopt Brazil’s model of Public-Private Partnerships (PPPs) and policy reforms that spurred investments in deep-water oil reserves.
“Key strategies include streamlining regulatory processes for exploration and production licenses, offering fiscal incentives to attract private investment, and facilitating technology and expertise sharing between private firms and the Nigerian National Petroleum Corporation (NNPC). These measures, inspired by Brazil’s success with Petrobras and international oil companies, could significantly boost Nigeria’s oil sector, “he added.
