Nigerians Stand At A Crossroads In Need Of Petrol, Says Labour Minister

• Calls For A Collaborative Approach To Address Petroleum Industry Challenges

The Nigerian government has emphasised the importance of a collective and collaborative approach to addressing the challenges confronting the country’s petroleum industry.

This call comes amid falling crude oil production, which has fallen short of the Organisation of Petroleum Exporting Countries (OPEC) quota.

Rt. Hon. Nkiruka Onyejeocha, Minister of Labour and Employment, made the call at the 3rd Edition of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2024), emphasising the importance of collective action in addressing the challenges confronting Nigeria’s petroleum industry.

According to independent reports, the summit, which will take place at the Congress Hall of the Transcorp Hilton in Abuja from Tuesday, 20th to Thursday, 22nd, 2024, will provide a forum for experts, policymakers, and stakeholders to discuss the current and future state of the nation’s oil and gas industry.
The Minister emphasised the importance of identifying the link between national security and the availability of natural resources for energy consumption, especially in light of the country’s current petroleum-related challenges.

The Minister also emphasised the importance of embracing the principle of social dialogue and ongoing engagements between social partners to ensure a peaceful and harmonious bilateral relations environment, which will lead to increased productivity and overall development.
The summit’s theme, “Energy Mix, Security, Divestment, and Crude Oil Theft,” complements the current administration’s Renewed Hope Agenda for a Better Nigeria.

“As you are aware, our rich endowment of Petroleum Resources has long been the lifeblood of our national economy, but sadly, today, we stand at the crossroads in dire need of its bye products such as premium motor spirit (PMS), popularly known as petrol, and other associated challenges, it is, therefore imperative that we come together to chart a new course if our country must overcome these challenges by identifying the nexus between national security and the availability of natural

“Fellow Comrades, in the spirit of unity and progress that defines our great nation, let us use this Summit to exchange ideas, share knowledge, and form partnerships to accelerate the overall development of our Energy Sector. We must seize the opportunity to deliberate and propose innovative strategies, especially the application of Artificial Intelligence (AI) for our Oil Industry in line with global best practices for generations to come, and more importantly, how to harness the opportunities that abound in the nation’s hydrocarbon future for indigenous Oil Companies in light of recent policy changes and numerous upstream divestments by some International Oil Companies (IOCs) in this country.

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, also spoke at the event, emphasising the Federal Government’s commitment to supporting local refineries.

He emphasised the importance of increasing domestic refining capacity to reduce reliance on imports and promote economic growth.

The Minister also discussed using public-private partnerships to promote healthy competition and address infrastructure decay.

He also emphasised the importance of combating crude oil theft and welcomed investments aligned with the Petroleum Industry Act.

“Energy security is fundamental to national security. In an era when global energy dynamics are rapidly changing, Nigeria must strategically position itself to meet domestic energy needs while also remaining a key player in the international arena. This necessitates a collaborative effort by all stakeholders—government, industry, and labour—to develop policies and practices that protect our energy infrastructure and ensure continuous supply,” Senator Lokpobiri added.