Oil Money Still Our Practical Key Out Of Recession - Buhari

President Muhammadu Buhari says
Nigeria’s practical key out of economic
recession still lies in monies made from
the country’s oil and gas sector.
Speaking at the launch of the ministry of
petroleum #7BigWins initiative in Abuja
on Thursday, Buhari said oil proceeds are
needed to lay a solid foundation for a
diversified economy.
“The Petroleum industry remains critical
to the Nigerian economy of today and the
future, despite our current challenges,”
Buhari said.
“The golden era of high oil prices may not
be here now, but Oil and Gas resources
still remain the most immediate and
practical keys out of our present
economic crisis.
“Oil and Gas still remain a critical enabler
for the successful implementation of our
budget as well as the source of funds for
laying a strong foundation for a new and
more diversified economy.”
He said “as important as it is to ensure
that Agriculture, Solid minerals and other
critical sectors of the economy are,” the
country still needs “a virile and efficient
oil & gas industry to take care of our
foreign exchange requirements”.
“This Roadmap reflects the vision and
aspiration of this Administration for this
sector and I urge you all to deliver on the
expectations contained in the Petroleum
Industry Roadmap. This is a national
imperative and a core thrust of our
economic policy.”
Buhari restated his resolve to restoring
peace to the Niger-Delta, and enabling
sustainable reforms in the oil and gas
sector.
“Therefore, the task before the Ministry of
Petroleum Resources is to maximize the
potentials and opportunities across the
whole range of the Oil and Gas industry to
stimulate our economy in spite of the
current challenges.
“To do this certainly requires creativity,
innovation, technology and robust
partnership amongst various
stakeholders.
“There is also a dire need to instill a new
culture of transparency and efficiency in
the industry, streamline operations along
best practices by championing and
implementing strategic reforms at every
layer of the industry.
“This will help us improve oil and gas
production, explore our frontier basins,
improve our local refining capacity and
above all build sustainable partnerships
with the oil producing communities.
“If we are able to plug the leakages, and
tighten loose systems that characterized
this industry in the days of high oil prices,
we are convinced that we can do even
more with the little that we are getting at
the moment than we did even in the time
of plenty.
“As you are aware, recent developments in
the Niger Delta have temporarily limited
our oil and gas production and supplies.
However, let me reaffirm that, whatever
challenges we are currently facing in the
region, our resolve and capability to work
with all stakeholders to restore normalcy
will guarantee success.”