By Ajibola Olarinoye
The Renewed Hope Ambassadors (RHA), a socio-political pressure group, stated on Thursday that ongoing reforms in Nigeria’s oil and gas sector will establish the country as the top investment destination in Africa.
In response to recent developments in the sector, including the leadership transition at the Nigeria National Petroleum Company Limited (NNPCL), the group highlighted that the reforms initiated by President Bola Ahmed Tinubu are already producing positive outcomes.
President Tinubu dismissed Mele Kyari, the Group Chief Executive Officer of NNPCL, on Wednesday, appointing Engineer Bashir Bayo Ojulari as his successor.
Additionally, the President disbanded the NNPCL board, removing its chairman, Chief Pius Akinyelure, and appointing Ahmadu Musa Kida in his place.
In a statement issued by its Secretary-General, Opialu F. Opialu, the Renewed Hope Ambassadors (RHA) acknowledged that President Tinubu’s reforms in the oil and gas sector aim to tackle issues such as declining investment, low production levels, and insufficient infrastructure.
RHA highlighted that the positive effects of these reforms are already evident, with a noticeable increase in investor interest and activity within the sector. They praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Communications Commission (NCC) for their effective regulation and commitment to transparency and accountability.
The RHA noted that the NUPRC has introduced essential reforms to enhance investment and improve regulatory oversight. Meanwhile, the NCC has made significant strides in advancing the country’s telecommunications sector.
“The NUPRC has been diligently working to create a resilient, competitive, and investment-driven upstream sector under the leadership of Engr. Gbenga.”
The NUPRC has demonstrated its dedication to transparency and accountability through initiatives aimed at enhancing cost efficiency and lowering contracting expenses and timelines. By simplifying processes and implementing financial incentives, the Commission seeks to foster a more favorable business environment that attracts new investments and stimulates growth.
