LAGOS – Mr Oluwaseyi Gambo, immediate past spokesman of PENGASSAN on Tuesday urged the President-elect, retired Maj-Gen. Muhammadu Buhari, to reminiscent his expertise in oil and gas sector to make it more competitive.
Gambo, who made suggestion to the News Agency of Nigeria (NAN) in Lagos, said he was optimistic the president-elect could do it as the former Minister of Petroleum.
“Buhari knows the dynamics of the sector locally and internationally.
“I expect him to make the industry more competitive because when he was minister of the sector, Nigeria was the bride of many nations because of our crude oil reserve and quality.
“Things have really changed. Many countries in the Gulf of Guinea axis have crude oil in commercial quantity.
“USA, which used to be the largest importer of our oil has found a better alternative in the Shale oil, so we need to be more competitive again to be relevant,” he said.
Gambo also urged the president-elect to redirect the economy from being oil import driven to export driven.
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“Importation of petroleum products is a huge cost on our foreign reserves and a fertile ground for untold corruption.
“More than 80 per cent of Nigeria’s revenue is gotten from this sector; so we cannot ignore its importance,” he said.
He advised the president-elect to privatise the country’s refineries and ensure all stakeholders’ interest were taken care of.
Gambo said that privatisation would allow government to concentrate on policy formulation and engender more competition in the downstream sub-sector. (NAN)
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