As we all know, Oil and gas still remains a critical enabler for the successful implementation of our budget, as well as the source of funds for laying a strong foundation for a new and more diversified economy.
One Minister who has played a significant role in the reshaping of the Nigerian Economy after all it suffered over the years, is Dr. Emmanuel Ibe Kachikwu, the Honourable Minister of State, Petroleum Resources.
Dr. Ibe Kachikwu has introduced some of the most Flexible frameworks in our oil sector in just a few years as minister. Some of his emphatic ideas has translated into growth in our Foreign exchange reserve as a result of increased buoyancy from the earning capacity in the oil sector.
A Checklist of the 7 Big Wins:
When Dr. Ibe Kachikwu introduced the 7 Big Wins, critics doubted the viability of achieving what was outlined on the roadmap. But at this junction we can clearly checklist achievements from the 7 Big Wins roadmaps, ranging in host communities relationship and Niger Delta militancy and the security transformation. Funding for the sector has improved through joint venture cash calls. Investment from the Private sectors is unprecedented in that light. A couple of roadshow in India, China, and the United States so as to provide investment opportunity in infrastructure development, oil and gas facilities, operations and maintenance across the entire value chain.
Dr. Ibe Kachikwu has no doubt spent the last few years exuding his sense of technocratic and administrative Dexterity with the way he has been running the laborious affairs in the Ministry and the ideas he has brought to the fore clearly show how bright the future is.
The Future & Prospects:
His poise and global drive for infrastructural developments in the Oil sector has attracted investments from the likes of Zabazaba, Etan Field, with FID of over $40billion, these are milestones that will continue to bask growth for our oil sector and the Nigeria Economy at Large.
The vitality of Dr. Kachikwu’s flexibility in the Global Oil market has opened up Nigeria to the future in joining the rest of the world in leading the market. Just recently, the Saudi energy minister Khalid Al-Falih had reiterated the possibility of establishing an independent refinery in Nigeria, considering it the best hub from which to reach other African countries.
Dr. Kachikwu has longed emphasized on how the African continent can take a queue from the Gulfs at how the GCC countries came together to build a force that has continue to help them thrive. During the 14th Meeting of the Joint Ministerial Monitoring Committee (JMMC) which took place on 19 May 2019, in Jeddah, the Kingdom of Saudi Arabia.
Dr. Kachikwu made a case for the need for continued monitoring of the oil market developments at the Joint Ministerial Monitoring Committee (JMMC) while noting that this will form the framework for the decisions that will be made to the OPEC Conference and OPEC and non-OPEC Ministerial Meeting which will hold in June 2019.
The rationale is quite simple to define, we really needed this opportunity where we can lead Africa’s response to global oil challenges. Nigeria imports the bulk of its petrol, despite being Africa’s biggest crude oil producer, due to its dilapidated refineries. And to solve some of these plights, Dr. Ibe Kachikwu had a fruitful discussion with some of Saudi Arabia energy officials so as to sign an MoU; Areas of interest will cover the existing refinery revamp, building of a brand new refinery, LNG investments and product supply trading in crude and refined products.
Dr. Kachikwu called on Aramco to come invest in Nigeria four refineries, two in Port Harcourt, one in Warri, and one in Kaduna. And With the emergence of Dangote Refinery in 2020 which will produce 650,000 barrels being built, the prospects for the Nigeria Oil and Gas Sector glitters.
No doubts, the voice of Dr. Ibe Kachikwu which has long echoed is gaining fruitful success, that national state-owned oil and gas industries should develop common infrastructure projects in order to guarantee different possibilities for exporting their energy. This requires common understanding, financing, construction and operation.