Wednesday, June 10, 2026
  • Login
No Result
View All Result
The Business Times
  • News
  • BT Exclusive
  • Economy
  • Business
  • Financial Markets
  • Politics
  • Energy
  • Insights
  • Sports
  • News
  • BT Exclusive
  • Economy
  • Business
  • Financial Markets
  • Politics
  • Energy
  • Insights
  • Sports
No Result
View All Result
The Business Times
No Result
View All Result
Home Business

Nigeria’s Petroleum Ministry Targets Better Results, Accountability in Oil and Gas Sector

byAdedipe Temilolaoluwa
June 10, 2026
in Business, Energy, News
0
3
VIEWS
Share on FacebookShare on Twitter

Nigeria’s Ministry of Petroleum Resources has announced fresh measures aimed at bridging the long-standing gap between policy formulation and actual implementation in the country’s oil and gas industry.

The ministry made this known during a two-day management retreat held in Abuja, where senior officials gathered to discuss practical solutions to some of the sector’s biggest challenges. These include underinvestment, crude oil theft, regulatory weaknesses, poor project execution, and delays that continue to affect the growth of Nigeria’s energy industry.

Speaking at the opening of the retreat, the Permanent Secretary of the ministry, Patience Oyekunle, emphasized the importance of turning government policies into visible and measurable results. She urged ministry officials and agencies under its supervision to improve planning, execution, monitoring, and reporting processes in line with the objectives of President Bola Tinubu’s administration.

According to Oyekunle, the retreat provides an opportunity for stakeholders to evaluate current performance, learn from previous experiences, and develop strategies that can improve efficiency and accountability across the sector.

She explained that performance agreements have been established between the President, ministers, and permanent secretaries, creating clear expectations and responsibilities for achieving government targets. She also highlighted recent reforms such as the creation of the Central Resource Delivery Coordinating Unit (CRDCU) and the Quarterly Performance Assessment Framework, which are designed to improve transparency and ensure government agencies deliver on their mandates.

Oyekunle noted that the Ministry of Petroleum Resources plays a crucial role in supporting the government’s goal of using energy and natural resources to drive sustainable economic growth. She stressed that the knowledge gained during the retreat should lead to better teamwork, innovation, stronger performance, and greater accountability within the ministry and its agencies.

Also addressing participants, the Director of Planning, Research and Statistics, Kemi Ahmed-Yusuf, outlined key priorities that will guide the ministry’s performance in the coming years. She revealed that the sector has identified eight major deliverables and 45 performance indicators aimed at improving outcomes across the petroleum industry.

Among the priorities are ensuring a stable supply of petroleum products nationwide, increasing gas production for electricity generation and industrial use, speeding up the issuance of oil prospecting and mining licences, strengthening nuclear and radiation safety, boosting crude oil production to three million barrels per day, expanding local refining capacity, promoting Nigerian content participation, and improving engagement with citizens and stakeholders.

Ahmed-Yusuf noted that despite the petroleum sector contributing about 30 percent of Nigeria’s Gross Domestic Product and more than half of government revenue, several obstacles continue to hinder progress. These include crude theft, insufficient investment, project delays, poor cost management, and regulatory challenges.

While acknowledging the reforms introduced through the Petroleum Industry Act, she stated that Nigerians expect to see practical improvements rather than policy promises alone. She stressed the need for institutions within the sector to work together under a common national vision to achieve meaningful progress.

A major focus of the retreat was the use of data to drive decision-making. Ahmed-Yusuf described data as essential for identifying problems and measuring success, emphasizing that effective reforms depend on accurate information and performance tracking.

She further explained that participants would identify institutional bottlenecks, assign responsibilities, and agree on clear implementation timelines to ensure that decisions made during the retreat lead to real action.

The ministry believes that by strengthening accountability, improving coordination, and focusing on measurable outcomes, Nigeria’s petroleum sector can unlock its full potential and deliver greater benefits to citizens, businesses, and the wider economy.

Tags: Crude Oil ProductionCrude TheftEconomic DevelopmentEnergy SectorInvestmentNigeriaOil and GasPetroleum Industry ActPetroleum MinistryPolicy Implementation
Adedipe Temilolaoluwa

Adedipe Temilolaoluwa

Next Post
Zichis Agro Secures N2bn Promoter Funding to Drive N50bn Expansion Plan

Zichis Agro Secures N2bn Promoter Funding to Drive N50bn Expansion Plan

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bank of Ghana Pumps $10 Billion into Forex Market to Stabilise Cedi and Boost Reserves

Ghana’s Public Debt Surges Amid Cedi Depreciation, Raising Fiscal Concerns

6 months ago
PDP Challenges Tinubu: Apply Democracy Protection Home, Not Just Abroad

Tinubu Vows Strong Support for Nigerian Army at Annual Conference

6 months ago

Popular News

  • Nigeria’s Food and Beverage Imports Fall to N1.39tn in Q1 2026

    Nigeria’s Food and Beverage Imports Fall to N1.39tn in Q1 2026

    0 shares
    Share 0 Tweet 0
  • Zichis Agro Secures N2bn Promoter Funding to Drive N50bn Expansion Plan

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Petroleum Ministry Targets Better Results, Accountability in Oil and Gas Sector

    0 shares
    Share 0 Tweet 0
  • NCAA Grounds Aircraft After Unauthorized Flight Following Emergency Landing

    0 shares
    Share 0 Tweet 0
  • IMF Urges Nigeria to Tighten Regulation of Stablecoins and Cryptocurrency Activities

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Twitter Instagram TikTok

Newsletter

Pages

  • About Page
  • Contact
  • Privacy Policy
  • Terms & Conditions

Navigation

  • News
  • BT Exclusive
  • Economy
  • Business
  • Financial Markets
  • Politics
  • Energy
  • Insights
  • Sports

© 2025 The Business Times NG .

Welcome Back!

OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • BT Exclusive
  • Economy
  • Business
  • Financial Markets
  • Politics
  • Energy
  • Insights
  • Sports

© 2025 The Business Times NG .