Billionaire industrialist, Tony Elumelu, has said that Nigeria needs clear governance structures that institutionalise monitoring, feedback, accountability of operators, and technological advancement to improve the country’s oil and gas sector.
He made this known in a series of tweets posted from his official Twitter account on May 11, reporting on his attendance at the 2023 Annual Value Guarantee Review (AVAR) meeting organised by the Nigerian National Petroleum Company (NNPC) Limited Upstream Investment Management Services (NUIMS).
During the event, Elumelu highlighted the role the private sector can play in building local capacity for Nigeria’s oil and gas sector. He said that the Nigeria’s oil and gas sector performance can be improved.
“We know the current contribution of oil and gas to Nigeria’s economy today; however, I believe this can be improved upon by deliberate development and enhancement of local capacities at all streams of the hydrocarbon value chain.
“I can attest to the fact that we are ready to contribute towards developing local capacities and driving investment in the sector once the right enabling environment for Nigerian businesses is put in place,” Elumelu said.
According to him, governance is extremely important in the development of capacity and the Petroleum Industry Act (PIA) objective is to ensure that the indigenous private sector succeeds.
“There must be clear governance structures that institutionalises monitoring, feedback, and accountability of operators in the oil and gas sector.
“Technology is key, we are in the fourth industrial revolution, advances in Data analytics and Artificial Intelligence are revolutionizing industries across the world and we must adopt them in our industry to build local capacity in the oil and gas sector,” the oil mogul said.