May 28, 2024
Diversifying Nigeria’s Economy through the National Oil and Gas Excellence Centre
FENRAD urges President Buhari to publish NDDC Forensic Audit Report
– By Alison Godswill

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Diversifying Nigeria’s Economy through the National Oil and Gas Excellence Centre

 

By President Muhammadu Buhari

 

 

It gives me great pleasure, today, Thursday 21st January 2021, to be present at the commissioning of the National Oil and Gas Excellence Centre (NOGEC) situated at the Department of Petroleum Resources (DPR) Annex, 7, Kofo Abayomi Street, Victoria Island, Lagos. This Centre opens a new set of opportunities for the Nigerian petroleum industry in terms of investments, cost reduction, safety in operations and capacity development.

The establishment of the National Oil and Gas Excellence Centre (NOGEC) aligns with my administration’s commitment to foster stability, growth and sustainability of the Nigeria Oil and Gas Industry consistent with the economic development and sustainability agenda articulated in the National Petroleum Policy 2017, National Gas Policy, 2017, Economic Recovery and Growth Plan (ERGP) and the Economic Sustainability Plan (ESP), 2020.

You would recall that at the beginning of my administration, we set a clear roadmap for the oil and gas sector in order to deepen value from the nation’s huge resource potentials and create opportunities for investors, both local and foreign, when I declared that: ‘Nigeria is Open for Business!’ I am delighted that since then, we have witnessed major Final Investment Decisions in the sector such as the AKK Pipeline project, the NLNG Train-7 project, and the completion of the 5,000barrels per day Waltersmith Modular refinery.

Our renewed drive for economic diversification using the oil and gas industry as a pivot remains on track as we expand government revenues and deploy it to grow our Gross Domestic Product (GDP), generate employment and eliminate poverty – all for the overall benefit of Nigerians.

This ceremony of the official launch of the National Oil and Gas Excellence Centre (NOGEC) – an integrated resource complex to drive Safety, Value and Cost efficiency in the Industry – is yet another milestone in the development of the oil and gas sector and the realisation of greater value for all stakeholders. 6. There is no doubt that year 2020 was unique and, indeed, one-of-a-kind. Global economies faced unprecedented challenges and severe shocks in the wake of the COVID-19 pandemic and attendant consequences therefrom. Our dear country was not spared from the impact of the ‘triple force’ of COVID-19, Oil price crash and OPEC+ production cuts with direct impact on government revenue projections and national economy.

However, we are emerging stronger and more resilient in 2021 owing, in part, to efforts of the agencies of the Ministry of Petroleum Resources who work under my leadership and the direct supervision of the Honorable Minister of State, Petroleum Resources, to keep oil & gas production levels stable, optimize government revenues, and ensure domestic energy security, to mention but a few.

The creation of the National Oil and Gas Excellence Centre (NOGEC) at this time is further demonstration that the Nigeria Oil and Gas Industry has come of age, even against all odds. NOGEC will serve as oil & gas industry cost-reduction center and hub for industry best practices, technical support and competence. NOGEC will also act as the oil and gas tecno-economic bureau to support Government and its entities in policy development and implementation efforts.

Above all, the Integrated Centre will enhance the contribution of the oil and gas sector to the nation’s GDP as well as strengthen Nigeria’s position as regional leader in the oil and gas industry.

While acknowledging our achievements, we must not relent. Rather, we must redouble our efforts and confront the challenges of global energy dynamics, resurgence of the corona virus, unstable oil prices, and alternative energy.

I therefore charge you all to rededicate yourselves to national duty and take full advantage of this Excellence Centre to meet the challenges confronting industry. On our part, we will spare no effort to ensure that every Nigerian gets the maximum benefit from the huge natural resources. We will continue to leverage oil & gas for development and pursue our economic diversification drive across all sectors. I urge all industry practitioners and stakeholders to join me in this task of nation building to realize the abundant opportunities in our country.

Ladies and Gentlemen, I would like to commend the Honorable Minister of State Petroleum Resources, the Director/ CEO of DPR, and the entire staff of the Department of Petroleum Resources, on the actualization of this Centre that will guarantee cost reduction, safe operations and value creation in the Nigerian Oil & Gas Industry.

It is therefore my pleasure to direct the Honorable Minister of State, Petroleum resources to commission the National Oil and Gas Excellence Centre (NOGEC) on my behalf, for the benefit of the Oil & Gas Industry, Nigerians and all Stakeholders.

Thank you and God bless.

 

 

 

–          BEING THE FULL ADDRESS BY HIS EXCELLENCY, MUHAMMADU BUHARI, GCFR, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE OCCASION OF THE COMMISSIONING OF THE NATIONAL OIL AND GAS EXCELLENCE CENTER (NOGEC), DPR ANNEX, 7, KOFO ABAYOMI ST., V/I, LAGOS.

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top