FGN Inaugurates Committee to Develop Five-Year Strategic Plan for Oil Sector

The Federal Government of Nigeria (FGN) has inaugurated a new committee to develop a comprehensive five-year strategic plan aimed at repositioning Nigeria’s oil and gas sector for sustainable growth and improved performance.

The committee, inaugurated on Thursday in Abuja, is mandated to produce a Strategic Plan for 2025–2030, a Petroleum Sector Roadmap, and a Monitoring and Evaluation Framework that will guide policy implementation, budgeting, and stakeholder engagement across the industry.

Speaking at the inauguration ceremony, the Permanent Secretary, Ministry of Petroleum Resources, Dr. Emeka Vitalis Obi, said the new plan would serve as an operational guide to strengthen inter-agency coordination and enhance the efficiency of key institutions, including the Nigerian National Petroleum Company Limited (NNPC Ltd), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Petroleum Technology Development Fund (PTDF), Nigerian Nuclear Regulatory Authority (NNRA), Nigerian Content Development and Monitoring Board (NCDMB), and the Petroleum Training Institute (PTI).

According to him, the plan will integrate reforms under the Petroleum Industry Act (PIA), define measurable performance indicators for gas monetisation, domestic refining, energy transition, and fiscal optimisation, and align with the Federal Government’s Renewed Hope Agenda on economic diversification, job creation, and energy access.

He added that the strategy would prioritise stabilising upstream production, expanding midstream infrastructure, promoting transparency in downstream operations, deepening local content and skills development, and advancing digital governance through data analytics and real-time performance monitoring.

Dr. Obi explained that the creation of the committee was consistent with the Petroleum Industry Act (PIA) 2021, the National Development Plan (NDP) 2021–2025, and the Nigeria Agenda 2050.

He noted that although the oil and gas sector currently contributes about 6.4 per cent to Nigeria’s Gross Domestic Product (GDP) and accounts for over 85 per cent of export earnings and 50 per cent of fiscal revenues, it continues to face challenges, including infrastructure decay and declining production, which now averages around 1.45 million barrels per day—below the 1.8 million barrels per day OPEC quota—amid mounting global energy transition pressures.

The committee is chaired by Mr. Usman Abdulkadir, Director of Planning, Research and Statistics at the Ministry of Petroleum Resources, with members drawn from various departments and agencies such as the PTI, NNRA, and NUPRC.

In his remarks, Abdulkadir said the initiative reflects the government’s commitment to crafting a forward-looking roadmap that aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda. He emphasised that the composition of the committee ensures inclusiveness, broad-based expertise, and institutional ownership of the process.