NNPC seeks action on economic diversification

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The Nigerian National Petroleum Corporation (NNPC), has called for proactive actions to reduce the country’s dependence on oil and gas.

The Group Managing Director, Dr Maikanti Baru, who spoke at the 2018 Nigerian Annual International Conference and Exhibition (NAICE) in Lagos, identified the reliance on oil and gas, as responsible for the economic recession experienced in the country recently.

The conference with the theme: “Diversification of the Nigerian Economy- The oil and gas industry as an Enabler,” was organised by the Society of Petroleum Engineers (SPE), Nigeria Council.

Baru said the SPE 2018 theme was in line with the vision of the present administration of energising the national economy through robust sectorial development.

“This obvious lack of proactive action unfortunately exposed the country to economic shock occasioned by the global economic crises that culminated in the recession experience recently,” he said.

He said with oil reserves of about 37 billion barrels and 199 trillion cubic feet of gas reserves, Nigeria was well positioned to generate resources and accelerate developments.

According to him, once this is achieved, Nigeria should be self-sufficient in providing general services, agriculture and manufacturing, among others.

 

Peace PIAK