Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has underscored the vital role of the petroleum sector in tackling Nigeria’s numerous challenges. Speaking at a sectoral retreat organized by the Ministry of Petroleum Resources, Lokpobiri highlighted the necessity of fostering synergy among the ministry’s heads of agencies and top management staff to achieve enhanced development in the oil and gas sector.
Lokpobiri detailed several key performance indicators (KPIs) crucial for the ministry’s success. These include increasing oil production, rehabilitating refineries, combating insecurity and vandalism, and ensuring competitiveness through fiscal and regulatory reforms. He stressed the importance of unity within the ministry to meet these goals effectively.
A significant part of the retreat focused on the local content law, which had been suspended by President Bola Tinubu due to its misapplication. Lokpobiri revealed that efforts are underway to reinstate the law properly, aiming to maximize its benefits for the sector. Additionally, the ministry has launched a campaign to attract investors back into the petroleum sector, addressing concerns related to the Petroleum Industry Act (PIA) and improving the overall business environment.
Lokpobiri’s remarks come amid a global debate over the future of oil and gas exploration, with a growing emphasis on transitioning to renewable energy sources for a cleaner environment. Despite these discussions, Lokpobiri reaffirmed the petroleum sector’s pivotal role in Nigeria’s economic and development.
