Adaobi Rhema Oguejiofor
The Executive Secretary of The Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has said that the country’s oil and gas sector is losing its role as the main driver of the nation’s economic growth and development as a result of missed opportunities, which come from policy inconsistencies, deferred decisions, and investments apathy.
Wabote stated this during his welcome address at the 4th Edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) 2023, in Bayelsa State on Thursday.
He expressed that the 2023 NOGOF theme, which is “Oil & Gas Industry – Catalyst and Fuel for the Industrialization of Nigeria,” reflects the pivotal role that the oil and gas industry is expected to play in driving the economic growth and development of the country.
According to him, in recent times, the role expected of Nigeria’s petroleum industry has been decreasing due to missed opportunities that come as a result of policy inconsistencies, deferred decisions, and investments apathy.
in his own words, “I would like to draw your attention to the nation’s Gross Domestic Product (GDP) growth rate between the years 2021 to 2022 as released by the National Bureau for Statistics (NBS). Over this period, the growth of the nation’s GDP has been marginal, but the reality is that we need to drive the growth rate to double digits for us to achieve the level of economic advancement and development that we desire. The NBS report noted that the total annual contribution of oil to aggregate GDP in 2022 was 5.67 percent compared to the 7.24 percent obtained in 2021.”
The NCDMB Boss lamented that Nigeria’s oil sector has steadily dropped behind Agriculture, Trade, Telecommunications, Information communication Technology (ICT) and Real Estate in terms of the sectors that have contributed the most to the country’s GDP.
“These are signs of a dying sector and we must all join hands to stop the decline so that we can return oil and gas contribution to GDP to double digit levels, which is similar to other major oil producing countries,” he said.
The Executive Secretary expressed belief that the petroleum industry of Nigeria can serve as the catalyst that will enable the nation achieve the desired double-digit GDP growth rate, if only those in the sector are bold and disruptive in their strategy.
NOGOF is a Fair that brings together major players across the Upstream, Midstream and Downstream sectors of the Nigerian Oil and Gas industry including Government Agencies, Industry regulators and the National Assembly in order to showcase opportunities in the Nigerian Oil and Gas industry and present available in-country capacity. The fair kicked-off on Wednesday May 17 and will run through till Friday, May 19 2023.
