3 weeks ago
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President Bola Ahmed Tinubu has called for a strategical reappraisal of pension money plus policies to let concern successful Nigeria’s lipid and state sector, urging a rethinking to unlock the immense economical imaginable of the industry.
On Wednesday, President Tinubu, who commissioned the $400 cardinal Green Energy International Limited (GEIL) crude lipid export terminal successful Otakikpo, Rivers State, emphasised the immense returns that could beryllium realised from specified investments.
The Otakikpo terminal, which is Nigeria’s archetypal indigenous crude lipid export terminal and the archetypal caller terminal constructed successful the state successful 5 decades, has already boosted the nation’s crude export by implicit 1 cardinal barrels successful conscionable 4 months of operation.
Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the President said that the national authorities is already engaging with Ogoni to resoluteness each outstanding issues truthful that crude accumulation tin commence.
He added that the Otakikpo terminal volition evacuate the crude lipid produced from their land.
“We request to tinker with our pension laws truthful that pension funds tin besides beryllium invested successful lipid and gas.”
He emphasised the immense returns that could beryllium realised from specified investments, citing an illustration from Senegal wherever an $8 cardinal concern is projected to output $40 cardinal implicit 25 years.
“Imagine a concern wherever you put $8 cardinal successful Senegal, and the instrumentality is $40 billion. Even if you put $8 cardinal successful pension funds, it won’t springiness you much than possibly doubly that amount. But this is 300 per cent oregon more,” helium said.
The President highlighted the captious relation of indigenous companies successful transforming the sector. “I judge that we request to promote indigenous players similar Green Energy that person pioneered this move,” helium said, praising Green Energy for investing implicit $400 cardinal into gathering the caller terminal.
He besides criticised immoderate marginal tract licence holders who, alternatively of investing successful the sector, misused funds for backstage jets, asserting, “If you don’t person the capableness to bash it, you’d amended spell and look for thing other to bash alternatively of wasting your clip successful lipid and gas.”
He described the lipid and state assemblage arsenic a solution to Nigeria’s economical challenges, pledging authorities collaboration with stakeholders.
“Federal authorities volition collaborate with stakeholders, with authorities government, with section government, with assemblage leaders to guarantee that we unlock the immense deficits we person successful this portion of the world,” helium said.
In the vigor modulation debate, the curate dismissed calls to wantonness lipid and gas, stressing the continued planetary reliance connected hydrocarbons. “Oil and state volition ne'er spell away,” helium declared.
Referring to the International Energy Agency’s caller projections, helium explained, “The satellite would request to walk astir $540 cardinal per annum to debar an vigor situation successful the adjacent 25 years. And this concern is projected to beryllium made successful the upstream sector, the aforesaid lipid and state sector.”
He added that lipid and state is expected to represent much than 50% of the planetary vigor premix for astatine slightest the adjacent 50 years.
The president underscored the value of section collaboration, particularly with communities successful the Niger Delta, to unlock resources. “I privation the radical of River State, I privation the radical of Niger Delta to collaborate with operators, make an enabling situation to bring this assets to the market,” helium urged, informing that buried resources make nary value.
“If these resources are buried successful the ground, there’s nary worth created.”Regarding concern for the sector, the Minister cited the instauration of the African Energy Bank aimed astatine mobilizing section superior for vigor investments.
“We person discovered that the biggest situation we person successful Africa is entree to finance. And that is wherefore we’ve travel up with the African Energy Bank, which is acceptable to go,” helium said, adding that Nigeria has met each its obligations for the bank’s launch.
Meanwhile, the president and CEO of Green Energy International Limited, Professor Anthony Adegbulugbe, said that since June 2025, the Otakikpo terminal had successfully handled 4 export operations, cumulatively exporting implicit 1 cardinal barrels of crude oil.
The terminal is the archetypal caller onshore crude lipid export installation successful Nigeria successful much than 50 years, and notably the lone 1 afloat conceived, built, and operated by an indigenous Exploration and Production (E&P) company.
Professor Adegbulugbe described the terminal arsenic a awesome of Nigeria’s indigenous ingenuity and method excellence, proudly emphasising that it was completed successful little than 2 years, up of schedule, and wholly by Nigerian talent.
The Otakikpo Ter...
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