Speaking at the triennial national delegates conference of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), President Muhammadu Buhari of Nigeria said the COVID-19 pandemic has helped Nigeria to pursue the development of non-oil economy and diversification of sources of revenue.
He said the country is bracing up for a possible longer lower price of the crude era due to the impact of the coronavirus pandemic on the global oil market.
The president was represented by the Minister of State for Petroleum Resources, Timipre Sylva, at the event. He noted that the oil and gas industry is still the major contributor to the country’s economic and infrastructural development. The oil sector is also the major contributor of foreign exchange earnings to the government as it accounts for about 10% of the country’s GDP and provides employment to several skilled, semi-skilled and unskilled labour.
Recognising the oil and gas industry as a major determinant for national growth and development, the president, in his words, said, “My government carved out some strategies for the Ministry of Petroleum Resources to stimulate the sector in order to foster the sustainability of the Nigerian economy.”
Excerpts from the President’s submission:
“The government is factoring in these current realities in its reform agenda, we are developing strategic survival measures to ensure economic sustainability and job security.”
“While we seriously believe that the diversification plan\ to non-oil economy has become a national imperative, let me assure you that crude oil will remain prominent in the global energy mix in the medium to long term, this implies that massive opportunities abound to members of PENGASSAN.”
In the same event, PENGASSAN elected new National officers. The election took place on Thursday, 27 August 2020. The new president is Comrade Festus Osifo, a staff of Total E & P. Others are Comrade Matthew Duru who is the Deputy president and Comrade Kelechi Ugwulo who is the National Industrial Relations Officer (IRO).
,%20President%20Muhammadu%20Buhari%20of%20strongNigeria/strong%20said%20the%20COVID-19%20pandemic%20has%20helped%20Nigeria%20to%20pursue%20the%20development%20of%20non-oil%20economy%20and%20diversification%20of%20sources%20of%20revenue.He%20said%20the%20country%20is%20bracing%20up%20for%20a%20possible%20longer%20lower%20price%20of%20the%20crude%20era%20due%20to%20the%20impact%20of%20the%20coronavirus%20pandemic%20on%20the%20global%20oil%20market.The%20president%20was%20represented%20by%20the%20Minister%20of%20State%20for%20Petroleum%20Resources,%20Timipre%20Sylva,%20at%20the%20event.%20He%20noted%20that%20the%20oil%20and%20gas%20industry%20is%20still%20the%20major%20contributor%20to%20the%20country's%20economic%20and%20infrastructural%20development.%20The%20oil%20sector%20is%20also%20the%20major%20contributor%20of%20foreign%20exchange%20earnings%20to%20the%20government%20as%20it%20accounts%20for%20about%2010%%20of%20the%20country's%20GDP%20and%20provides%20employment%20to%20several%20skilled,%20semi-skilled%20and%20unskilled%20labour.Recognising%20the%20oil%20and%20gas%20industry%20as%20a%20major%20determinant%20for%20national%20growth%20and%20development,%20the%20president,%20in%20his%20words,%20said,%20emMy%20government%20carved%20out%20some%20strategies%20for%20the%20Ministry%20of%20Petroleum%20Resources%20to%20stimulate%20the%20sector%20in%20order%20to%20foster%20the%20sustainability%20of%20the%20Nigerian%20economy./emExcerpts%20from%20the%20President's%20submission:em The%20government%20is%20factoring%20in%20these%20current%20realities%20in%20its%20reform%20agenda,%20we%20are%20developing%20strategic%20survival%20measures%20to%20ensure%20economic%20sustainability%20and%20job%20security./ememWhile%20we%20seriously%20believe%20that%20the%20diversification%20plan%20to%20non-oil%20economy%20has%20become%20a%20national%20imperative,%20let%20me%20assure%20you%20that%20crude%20oil%20will%20remain%20prominent%20in%20the%20global%20energy%20mix%20in%20the%20medium%20to%20long%20term,%20this%20implies%20that%20massive%20opportunities%20abound%20to%20members%20of%20PENGASSAN./emIn%20the%20same%20event,%20PENGASSAN%20elected%20new%20National%20officers.%20The%20election%20took%20place%20on%20Thursday,%2027%20August%202020.%20The%20new%20president%20is%20Comrade%20Festus%20Osifo,%20a%20staff%20of%20Total%20E%20&%20P.%20Others%20are%20Comrade%20Matthew%20Duru%20who%20is%20the%20Deputy%20president%20and%20Comrade%20Kelechi%20Ugwulo%20who%20is%20the%20National%20Industrial%20Relations%20Officer%20(IRO).a%20href=https://ibekachikwu.com/wp-content/uploads/2020/06/8515b92d-ac4a-4d7a-afed-64dc207d9588.jpgimg%20class=size-medium%20wp-image-1856%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2020/06/8515b92d-ac4a-4d7a-afed-64dc207d9588-300x249.jpg%20alt=%20width=300%20height=249%20//a){kind=link}