The Federal Government says Nigeria is projected to become a net exporter of refined petroleum products with its 7BigWins initiative.

According to a document released by the  Federal Ministry of Petroleum Resource, the initiative which was launched in 2016 under the chairmanship of the immediate past Minister of State for Petroleum Resources, Dr. Ibe Kachikwu,  has the overall objective of putting  “working structures in place towards broadening the activities of the oil and gas industry, moving it beyond mere crude oil export by adding value through refining and petrochemicals production”.

The initiative, the document says,  is anchored on seven objectives of Policy Regulations, Business Environment and Investment Drive, Gas Revolution, Refineries and Local Production Capacity, Niger Delta and Security, Transparency and Efficiency and Stakeholder Management and International Coordination.One of the achievements of the initiative so far, under the leadership of Kachikwu, according to the document, is the ease of availability of petroleum products.


It is also stated that the oil and gas sector is being turned around through strengthening of the oil and gas institutions, appropriate ICT and automation and proper performance management.Other steps being taken are  efficient communication strategy, fostering of stakeholder relations and management, and strengthening of  international energy relationship and bilateral cooperation.


Speaking on the positive  developments in the petroleum sector,    Permanent Secretary, Federal Ministry of Petroleum Resources,  Dr Folashade Yemi-Esan, said the Buhari administration ushered in a new dispensation in the Ministry that has brought about a synergy between the industry and the Federal Government that was hitherto nonexistent.


“Before 2015, the oil and gas industry had a lot of challenges, especially fuel scarcity, coupled with a lot of distrust because people were not sure of happenings there and there was no transparency.”She added that worse still, there were no clear-cut policies to attract investors.


According to her, the initiative has been structured in collaboration with industry experts and leading organisations such as FOSTER, the European Union and DFID.Dr Yemi-Esan noted that new policies arrived at, have been gazzeted to underline transparency towards  boosting  the  confidence of  investors.


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