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NNPC seeks action on economic diversification

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Monday called for proactive actions to reduce the country’s dependence on oil and gas.

Dr 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.

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.

The Speaker, House of Representatives, Mr Yakubu Dogara, said at the conference that the country needed to pursue and develop an enabling environment that would promote transparency in the oil and gas sector.

Represented by Mr Sejus Ogun, Mr Dogara said the Legislature had given tacit support to ensure that the industry was run in a more transparent way.

He said the House had demonstrated the support through accelerated passage of the Petroleum Industry Governance Bill (PIGB) now waiting for presidential assent.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said the industry required a robust legislation that would help in the ongoing Federal Government transformation.

Dr Kachikwu, who was represented by Mr Johnson Awoyemi, said the Federal Executive Council (FEC) had demonstrated commitment towards strengthening the industry by giving approval to the oil and gas policies.

Earlier, the Chairman, SPE Nigeria Council, Mr Chikezie Nwosu, called for immediate action to leverage the opportunities presented by the industry to develop other sectors.

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