Deregulation of oil sector ‘ll generate N12 trn for Nigeria – PPMC

PPMC MD Abdullahi Isiyaku

The Managing Director of PPMC, Abdullahi Isiyaku, has said that the deregulation of the oil and gas sector has potential  of generating N12trillion for Nigeria within four years.
He explained that the gains of deregulation will include a 7,500km road every year at N400m per kilometre.

Abdullahi made this known in Lagos as one of the key panelists at the Oil Trading Logistics Africa(OTL) Expo for the  year 2021, under the theme “Downstream in Transition: Getting Set”, with the session topic as “Nigeria Fuels Congress”.

He stated that  the funds accruable from the deregulation will lead to the establishment  of 37 well-equipped  120-beds Tertiary Health Centres  each year and at the cost of N82 billion per hospital.

He said N10 trillion can build and  “equip  2,400 units of 1,000-bed capacity hospitals across  774 local governments “or 500,000 new houses for  families through mortgage  at N20 million per house; or additional 27,000 megawatts of solar-powered electricity to the national grid”. 

The PPMC MD further stated that the same N10trillion accruable  from deregulation could “educate and skill up 2,000,000 Nigerians with global standard quality  tertiary education and sought-after skills”.

Turning to Petroleum Industry Act (PIA), he said it will promote economic growth through increased investments, to drive  oil and gas production in Nigeria. 

He said the world is today driven by energy innovations and changing demand patterns. 

Isiyaku said the Petroleum Industry Act (PIA) proposition, namely the promotion of economic growth through increased  investment to effectively drive oil and gas sector, among a host of eight other benefits of the Act.

He said the PIA is meant to create an effective and efficient midstream and downstream sectors in the nation’s oil and gas sector as a tool for boosting  economic fortunes for development.

The PPMC boss joined  other panelists at the event  to brainstorm on the way forward for Nigeria’s downstream of the oil and gas sector, in view of the prevailing  dynamics of the industry around the world.

The brainstorming  session at the event also led to experts’ solutions to the challenges of downstream sector and how best to reposition it to make life  better for Nigerians .

The event, which also fell under  Oil Trading And Logistics(OTL) Week 2021, offered all panelists, notably the PPMC Managing Director the opportunity to make comprehensive submissions on how the nation should smoothly run the oil and gas sector, both at the midstream and downstream levels of the industry.

Stakeholders at the event also looked into the imperative of clean fuel for consumption across the nation. Panelists variously noted that Nigerians would be expected to key into clean fuels policy, notably gas, which is used by a large section of the country’s population.