There Is Still Room To Deepen Development In The Oil/Gas Sector: Lokpobiri

  

The Minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that while progress has been made in the Oil/Gas sector, there is still  room to deepen development, enhance local capacity, and drive industry-wide growth.

Speaking yesterday in Abuja during the #NIES2025 Panel Discussion on Shaping Africa’s Downstream Future, the monster   emphasized that Africa’s economic transformation is intrinsically linked to the development of its downstream oil sector.

He also revealed that Nigeria has made remarkable progress by achieving full deregulation of the  downstream sector, an achievement  he said has opened new frontiers for growth and inclusivity.

The Minister continued:"While significant efforts are directed toward ensuring the sustainable utilization of the upstream sector, it is the downstream sector that directly touches the lives of the people.

 "Therefore, it must be structured to ensure that the benefits derived from transformations in the upstream and midstream sectors are tangibly felt at the grassroots. 

" In Nigeria, we have made remarkable progress by achieving full deregulation of our downstream sector, an achievement that opens new frontiers for growth and inclusivity.

"There are  vast opportunities presented by Nigeria’s deregulated environment, which fosters transparency, competitiveness, and increased private sector participation.

 "This transformation serves as a clarion call for investors to harness the potential within our oil industry.

"This Exhibition Tour further underscored the potential, as indigenous firms showcased innovative products that align with our vision of a thriving value chain - spanning upstream, midstream, and downstream activities." He explained.