Buhari: Decline In Oil Prices Imperative For Economic Diversification
President Muhammadu Buhari on Thursday said the decline in oil revenue occasioned by the COVID-19 pandemic has made it imperative for Nigeria to pursue the development of the non-oil economy and diversification of revenue sources.
Buhari stated this during the 6th Triennial National Delegates Conference of the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja.
Represented by the Minister of State, Petroleum, Chief Timipre Marlin Sylva, he said: “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.”
The Group Managing Director of Nigerian National Petroleum Corporation, Mele Kyari, said, “We did better than most countries, and we are more stable in terms of economic outlook than most countries, I can confirm this.”
He said it was because the government took several decisions, interventions and initiatives that ensured the country stayed afloat. President of
PENGASSAN, Ndukaku Ohaeri, said the non-passage of the Petroleum Industry Bill (PIB) has denied Nigeria lots of benefits that could have accrued to it from the hydrocarbon industry.