Naija's Economic Diversification: NNPC Wants More Action, Less Talk
It appears that Nigeria’s state-owned oil company, the Nigeria National Petroleum Corporation, is fed up with all the talks about diversifying the economy.
The corporation wants action and an end to the soundbites.
On Monday, Group Managing Director of NNPC, Maikanti Baru, said Nigeria doesn’t just need action but to be proactive to reduce the country’s dependence on oil and gas.
Baru, who spoke at the 2018 Nigerian Annual International Conference and Exhibition (NAICE) in Lagos, identified the reliance on oil and gas, as responsible for the economic recession experienced in the country recently.
The conference with the theme: “Diversification of the Nigerian Economy- The oil and gas industry as an Enabler,” was organised by the Society of Petroleum Engineers (SPE), Nigeria Council.
Baru said: “This obvious lack of proactive action unfortunately exposed the country to economic shock occasioned by the global economic crises that culminated in the recession experience recently.
According to him, the SPE 2018 theme was in line with the vision of the present administration of energising the national economy through robust sectorial development.
He said with oil reserves of about 37 billion barrels and 199 trillion cubic feet of gas reserves, Nigeria was well positioned to generate resources and accelerate developments.
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