Friday, 28 October 2016

Oil & gas sector, key ways out of economic recession – President Buhari

According to reports from Vanguard Online News, Despite the crash in the prices of crude oil in the international market, President Muhammadu Buhari, yesterday, stated the oil and gas industry still remains a critical panacea to Nigeria’s economic woes.

He said that though the country was diversifying its economy through agriculture, solid minerals amongst others, there was still need for a virile and efficient oil and gas industry to take care of our foreign exchange requirements.

The president spoke yesterday in Abuja during the launch of the Short and Medium Term Priorities to Grow Nigeria’s Oil and Gas Industry (2015 – 2019), tagged the ‘7BigWins’, a new initiative by the Ministry of Petroleum Resources. He explained that the roadmap being created under this initiative reflects the vision and aspiration of his administration in the sector, adding that the petroleum industry remains critical to the Nigerian economy of today and the future, despite our current challenges. He stated:
“The golden era of high oil prices may not be here now, but oil and gas resources still remain the most immediate and practical keys out of our present economic crisis.

“Oil and gas still remains a critical enabler for the successful implementation of our budget as well as the source of funds for laying a strong foundation for a new and more diversified economy. “This roadmap reflects the vision and aspiration of this Administration for this sector and I urge you all to deliver on the expectations contained in the Petroleum Industry Roadmap. This is a national imperative and a core thrust of our economic policy.”