FG Hosts New Oil Summit to Revive Africa’s Oil Industry


Chineme Okafor in Abuja

The federal government has given reasons why it is hosting a new oil and gas summit – the Nigeria International Petroleum Summit (NIPS) in Abuja this February.

According to the Permanent Secretary in the ministry of petroleum resources, Dr. Folasade Yemi-Esan, the government decided to host the new oil summit to help revive Africa’s oil industry, which has been challenged lately.

Yemi-Esan said Nigeria as the continent’s largest oil producer and economic powerhouse, took the initiative to champion the renaissance of Africa’s oil industry, hence the new summit.

She made this disclosure in a statement from organisers of the oil summit recently in Abuja.
The statement also said major international oil and gas companies (IOCs) operating in Nigeria’s oil fields have confirmed their participation and support for new oil and gas conference and exhibition.
It added that apart from the IOCs, other top indigenous players in the country’s oil industry have made their commitment and support for the conference known to the ministry.

Buttressing the decision of the government on the conference to help lead a renaissance of Africa’s oil and gas industry, Yemi-Esan said: “The oil and gas sector has faced several challenges in the recent past. Nigeria being Africa’s largest producer and its economic powerhouse took a position to lead Africa’s response to these challenges.”

She added in her explanation of the broad vision for hosting the summit, that: “There will be a session at NIPS that will focus on tangible steps for delivering sustainable and equitable socio-economic improvement through industrial diversification. We will be having key policy shapers drawn from National Assembly.”
The Permanent Secretary also noted in the statement that all advertised speakers have confirmed their attendance.

She listed them to include Aliko Dangote, who is the President of Dangote Group, Tony Elumelu, who is the Chairman of UBA Plc and founder of The Tony Elumelu Foundation (TEF).
According to her, Elumelu will join other outstanding personalities in business, finance and the economy as a special guest and speaker at the NIPS.

“Confirmed international guests include the Secretary General of Gas Exporting Countries Forum (GECF), Seyed Mohammad Hossein Adeli, the Secretary General of the International Energy Forum (IEF), Sun Xiansheng, and Mohammad Sanusi Barkindo, who is the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC).