On Tuesday, stakeholders in the oil and gas industry said the success of economic diversification policy of the Federal Government depends on the success of oil and gas sector.
They made the assertions at the ongoing international conference organised by the Society of Petroleum Engineers (SPE) in Lagos. The panelists, comprising industry experts, said the government should prioritise oil and gas sector policy that would drive investment as it pursued its diversification. Mr. Ademola Adeyemi-Bero, the Chief Executive Officer, First Exploration and Production Development Company Ltd., said that Nigeria could easily diversify into agriculture. He added; “Other areas are the service sector, manufacturing, unlocking the infrastructure, which will have a huge impact on employment and boost household spending.’’
In his remarks, Mr. Austin Avuru, the Managing Director, Seplat Petroleum Development Plc, said to move from a rental economy to one that was more productive, Nigeria needed disciplined leadership. “You must invest; put money aside for the rainy day. Nigeria and Norway started out at the same production capacity of 2.4 million barrels, decades ago. “But, Norway today has a sovereign wealth fund of one trillion dollars and Nigeria struggled to save 1.5 billion dollars,” he said. Energy Mix