MD Harps On Efficient Use Of Oil Proceeds

In view of the depleting nature of the oil resources leaders and policy makers in Nigeria, have been urged to focus on efficient management of oil proceeds as to impact on  posterity.

The Managing Director of Treasure Energy Resources Limited (TERL), Dr. Eddie Wikina who said this in a statement made available to The Tide recently enjoined the government to avoid white elephant projects and adequately manage oil proceeds.

Wikina therefore suggested the divestment re-investment of oil proceeds into sustainable economic development projects to have a sustainable value, and stressed the need for increase in oil production level in order to generate income which could be plouged back into development.

He urged the Federal Government to unlock all the abandoned marginal fields by putting in place measures that could support production and add more value to the nation’s economy through generation of jobs and extra income.

The TERL boss also stressed the need for government to develop local indigenous skills, capacities and capabilities in strategic professions if we are to witness positive change and growth in the nation’s economy saying that less should be spent on foreign consultants and studies.

“If government focuses on this, using world class management techniques and allowing competence to override sentiments, the economy will witness positive change and growth. Leaders should avoid replacing sound economic policies, objectives and plans with political games and rhetorics” he emphasised.

In another development, Wikina said aside from payment of taxes and royalties to government, International Oil Companies (IOCs) operating in the Niger Delta should ensure that adequate infrastructure were put in place to make life more meaningful for the people in the region.

According to him, though it is the duty of the government to provide social amenities such as roads, hospitals among others, corporate social responsibility demands that IOCs do things that would benefit the host communities and also protect their environments.

“They need to carry out their corporate social responsibilities effectively if for nothing else to buy peace, because failure to live up to their corporate social responsibilities had been responsible for the problems between them and their communities”, Wikina declared.

Vivian-Peace Nwinaene