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FG Plans Review Of Petroleum Industry Act
The Permanent Secretary of the Ministry of Petroleum Resources, Mr Gabriel Aduda, says the Ministry plans to review the implementation of the Petroleum Industry Act (PIA).
This, he said, would be with stakeholders in the upstream and downstream sectors, after two years of its implementation.
Aduda disclosed this at the ongoing Oil Trading and Logistics (OTL) Africa Week 2023, in Lagos, yesterday.
The theme of the 2023 OTL is “Energy, Synergy, and New Beginnings.”
He called on operators in the Nigerian downstream sector to work together and pool resources to invest in refining petroleum products to address the country’s energy crises.
He stressed that the quality of technology possessed by the operators should not be a barrier to investment in refining.
According to him, the review will identify the pros and cons of the Act and all the areas that need to be addressed.
“The review is expected to be held before the second week of December 2023, when all oil and gas industry players would gather to discuss all the fundamental issues that need to be addressed in the Act.
“It is crucial for all players in the oil and gas industry to embrace the spirit of synergy, adding that the energy landscape is rapidly evolving,” he said.
He emphasized that the solution to Nigeria’s product refining lies in the willingness of the private sector to make a difference, collaborate, learn, and inspire one another.
He noted that it is the responsibility of the players in the downstream sector of the oil and gas industry to shape a future where energy is clean, accessible, and equitable for all.
“While much attention has been focused on the upstream sector (exploration and production) in discussions about energy transition.
“The downstream sector, which involves refining, distribution, and marketing of petroleum products, plays a crucial role in this transition.
“With the level of technology that is at their disposal no matter how crude they are.
“Why can’t we begin to think in the area of harnessing the limited potentials that we have and see how we can put things together to evolve a clear home-grown technology?
“That we can build on to be able to deliver the energy future of our dream,” the permanent secretary said.
Aduda also advocated the need for the petroleum industry regulators in Nigeria, including the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), to offer supportive regulation to the investors in the sector.
According to him, the beauty of the regulation is to help the industry in Nigeria to be globally competitive and acceptable, to attract more investors, and to put a check on their activities.
Aduda further hinted that infrastructure in the downstream sector was a major factor facing the sector.
“Today, we embark on an investment road show globally to attract investors to Nigeria, but one of the major concerns being raised is lack of investment in the sector”, he said.
He, therefore, noted that the downstream sector is no longer confined to traditional boundaries.
According to him, it is about collaboration, innovation, and adaptability.
“The challenges we face are not unique to any single entity but shared by all.
“Together, we can overcome them and pave the way for a brighter, more sustainable future.
“The energy sector is witnessing a renaissance of sorts, heralding new beginnings.
“As we move towards a more sustainable, eco-friendly future, our industry must lead the charge.
“Nigeria, as a significant player in the global energy landscape, faces the challenge of balancing its hydrocarbon-based economy with the need to transition towards cleaner and more sustainable energy sources,” Aduda added.
He emphasized the importance of ensuring the availability and guaranteeing the gas supply before the discussions around the conversion of buses to Compressed Natural Gas (CNG) were put in place.
He said, “The downstream players must work with the government to expand trunk and distribution gas pipelines across the country, as well as supply and distribution of refining capacity expansion, supportive regulations, renewable energy integration, and workforce development.
“As laudable as the Presidential Initiative on CNG is for example, we must be careful not to put the cart before the horse, we need the buses, we need the converters but then where is the gas?”
Similarly, the Chairman Advisory Board, OTL Africa Downstream Energy Week, Mr Adetunji Oyebanji, said the event had a strong presence in the industry.
Oyebanji noted that the ongoing conflicts in Eastern Europe and the Middle East had continued to transmit volatility, while the energy transition had challenged markets and forced operators to innovate.
According to him, closer home, policy, and political changes remain a factor, with market players keen for clarity for their operations.
“These factors have combined to make OTL 2023 very important, as we look forward to robust engagements,” Oyebanji said.
News
Victory Over Insurgency Certain, Tinubu Assures
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
News
US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
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