Tuesday, September 9, 2025 - Former Minister of State for Petroleum Resources, Prof. Emmanuel Ibe Kachikwu, has called for bold reforms, policy stability, and stronger local participation in Nigeria's oil and gas industry to reposition the sector for sustainability and competitiveness in the face of global energy transition.
Kachikwu, who made the call on Monday while delivering a
lecture at the Nigerian Content Development and Monitoring Board (NCDMB)
Headquarters, Yenagoa, during the 2025 edition of the NCDMB Business Mentorship
Lecture Series, noted that oil theft, pipeline vandalism, underinvestment, and
regulatory uncertainty have worsened the sector's decline in recent years.
He said the challenges lead to a sharp fall in production
from over 2.1 million barrels per day in 2017 to below 1.4 million barrels in
2023.
In his presentation titled: "The Journey of Nigeria's
Oil Industry: Past, Present and Future," the former Group Managing
Director of the Nigerian National Petroleum Corporation (NNPC) traced the
history of the petroleum sector from the discovery of crude oil in Oloibiri in
1956 to its current challenges.
According to him, the oil boom of the 1970s elevated Nigeria
to the position of Africa's largest producer and the sixth-largest exporter in
the world, with revenues funding massive infrastructure projects.
However, the period also entrenched overdependence on oil,
neglect of agriculture, corruption and environmental degradation, particularly
in the Niger Delta.
While highlighting opportunities, he stressed that the
Petroleum Industry Act (PIA) of 2021, if fully implemented, could strengthen
governance and attract investments.
He also pointed to the rise of indigenous oil companies such
as Seplat, Aiteo, Oando, and Heirs Oil and Gas as a sign of industry
transformation.
Kachikwu, who once presided over OPEC and the African
Petroleum Producers Organisation, outlined key reforms Nigeria must undertake
to secure the future of its oil sector.
These include deploying modern technology to monitor
pipelines, ensuring consistent policies to restore investor confidence,
de-politicising regulatory agencies, addressing host community grievances, and
embracing green energy transition.
He recalled his role in advancing Nigerian Content reforms,
where local participation in contracts rose from less than five percent
pre-2010 to over 30 percent by 2020.
He also highlighted initiatives such as the $200 million
Nigerian Content Intervention Fund, in-country fabrication projects, and
training programmes that equipped over 7,000 Nigerians with technical skills.
Beyond policy, Kachikwu urged young Nigerians aspiring to build careers in the
oil industry to embrace adaptability, innovation, integrity, and a strong sense
of responsibility towards communities and the environment.
He said: "The oil industry may be facing disruption,
but it is also full of opportunities," he said. "It is not just about
barrels and dollars; it is about national survival, community welfare, and the
environment we will leave for future generations."
The lecture also drew inspiration from global icons such as
Nelson Mandela, Bill Gates, Elon Musk, and Aliko Dangote, with Kachikwu
emphasising perseverance, self-belief, and innovation as essential values for
success.
He charged the younger generation to build on existing
reforms with courage and integrity, stressing that Nigeria's energy future lies
in balancing petroleum development with renewable energy adoption and inclusive
growth.
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