FOLLOWING the discovery of Shale oil and gas in commercial quantity, the United States (U.S.) has finally stopped the importation of crude oil from Nigeria.
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who disclosed this in Abuja Wednesday, added that Nigeria had begun a search for alternative markets.
At an interactive enlightenment workshop on the Petroleum Industry Bill (PIB), the Group Executive Director ( GED), Corporate Strategy and Planning, Dr. Timothy Okon, on behalf of the minister urged the country to adopt sustainable economic policies following the changes in global economy.
According to her, the prevailing global economic arena demands adaptation of policies .
Her words: “The global economy is changing and Nigeria must adopt a sustainable economic strategy. I know many of you must have heard about the Shale gas and the Shale oil revolution. This has knocked out Nigeria from the export to the USA. So Nigeria must adopt. We must change our ways and policies that we may hold dear which may cause us economic stress in the future. So this market there called the Shale oil and gas has resulted in Nigeria seeking new markets for its oil.”
The minister called for competitiveness in the sector, noting that there was the need for new policies to strengthen the industry.
She stressed the importance of natural resources in economic transformation, urging that it was important to diversify the economy .
Alison-Madueke again reiterated her call for the urgent passage of the PIB, saying, “the country expects to attain a vibrant economy due to initiatives such as gas price reform, gas commercialisation , gas infrastructure framework and other policies that are enshrined in the bill.”
She explained that the passage of the PIB would herald much job creation by restoring Nigeria’s industrial capacity.
The minister hinted that the gains from transformation agenda of the administration had already been demonstrated from the privatisation of the power sector.
She maintained that the country was looking forward to accessing investments in the power sector following its liberalisation.
Source: Guardian
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