• Niger Delta
• Oil industry
• Petroleum

NIGERIA SEEKS SOLUTIONS TO NIGER DELTA CRISIS, OIL INDUSTRY CHALLENGES

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  Nicolas Adekeye / 2 weeks
• 0
• 2 min read

A one-day symposium on the Nigerian Petroleum Industry: The Way Forward, was organized by Classmasters Limited, publishers of Development Agenda Magazine, at Rockview Hotel, Abuja. The event brought together stakeholders, policymakers, and experts to discuss the challenges facing the oil industry and the Niger Delta region. Chief Paddy Ezeala, Chief Executive of Classmasters, stated that the program aimed to provide positive solutions to the problems plaguing the Petroleum Industry and foster its development. He emphasized the need for more interactive events, citing the Niger Delta region as a major example. Professor Kayode Soremekun, of the Department of Political Science, Lagos State University, delivered the first keynote address, titled “Nigeria, Oil and The Global Cabal.” He analyzed the responses of the state to the Niger Delta problem, highlighting the establishment of the Niger Delta Development Board in 1960 and its ineffectiveness. Soremekun noted that the board was not established until 1960 and made no significant impact in its six years of existence. He also discussed the Presidential Task Force (PTF) set up by the Shehu Shagari administration in 1979, which was allocated 1.5% of the Federation Account to address the region’s peculiarities. The professor emphasized that the 1.5% allocation represented neglect and indifference towards the crises in the Niger Delta. He compared Nigeria’s experience to that of Norway, which successfully managed its oil resources, and Malaysia, which developed an authentic oil industry through its national oil company, Petronas. Soremekun quoted Perez Alfonso, Venezuela’s Oil Minister, who warned about the dangers of oil wealth, citing the example of his treasured 1950 Singer car, which was left to rust at the docks and eventually became unusable. The professor concluded by highlighting the need for Nigeria to overhaul its policies and develop a new approach to managing its oil resources. He praised the Dangote refinery as a game-changer and emphasized the importance of leveraging Nigeria’s revitalized interests with France to explore nuclear energy options. Other keynote speakers included Professor Edem Eniang, who spoke on the impact of oil industry operations on the Niger Delta environment, and Professor Osita Oshita, who addressed security challenges facing the Nigerian oil industry. The event featured panel discussions and was attended by stakeholders, media representatives, and security agencies.