Nigeria’s oil and gas sector needs consistent and predictable policies if the country wants to attract more long-term investment, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said.
The call was made by the chairman of the PENGASSAN Shell Branch, Comrade Abiodun Ikumobaso, during the fifth edition of the PENGASSAN Energy and Labour Summit held in Abuja.
The summit brought together stakeholders from government, labour and the oil and gas industry to discuss ways of improving the regulatory environment and supporting sustainable growth in the sector.
Ikumobaso said Nigeria already has many of the resources needed to remain an attractive destination for oil and gas investment. He pointed to the country’s large natural resource base, skilled workforce and existing institutions as major advantages.
However, he said these strengths would not be enough to attract and retain investors if government policies and regulations continued to change without sufficient consistency.
According to him, investors in the oil and gas industry need confidence that the rules governing their projects will remain clear and stable throughout the life of their investments.
Oil and gas projects typically require huge amounts of capital and take several years to plan, develop and generate returns. Frequent changes in regulations, therefore, can create uncertainty and discourage investors from committing funds to new projects.
Ikumobaso urged all regulatory agencies in the sector to maintain firm and consistent policies, stressing that stability would give investors greater confidence to commit more money to Nigeria’s energy industry.
He noted that the country has already begun to see renewed interest in the sector, but warned that maintaining the momentum would require regulators to provide clear rules and implement them consistently.
He also said the Petroleum Industry Act (PIA) should not be viewed in isolation, adding that all relevant regulatory agencies must work together to create a stable business environment.
The PENGASSAN chairman praised the organisers of the summit, describing the latest edition as the best so far. He said the annual event had continued to grow into an important platform for discussions between workers, government officials and industry players.
Ikumobaso also expressed appreciation for his recognition as an outstanding member and performing branch chairman of PENGASSAN. He attributed the achievement to the collective efforts of members of his branch and the support of the union’s national leadership.
He particularly commended PENGASSAN National President, Comrade Festus Osifo, for providing strong leadership and promoting the association’s role in Nigeria’s oil and gas industry.
Ikumobaso said the recognition would encourage him to do more for the association and support efforts aimed at improving workers’ welfare, industrial harmony and sustainable development.
He reaffirmed his commitment to initiatives that can strengthen stability in the oil and gas sector, attract investment and support the long-term growth of Nigeria’s economy.
