Nigerian Gas Association (NGA) has hailed the Muhammadu Buhari administration for the commercialization of the Nigeria National Petroleum Company (NNPC) Limited.
Recall that a few weeks ago, the Nigerian National Petroleum Company Limited officially transformed into a commercial entity that would be regulated in line with the provisions of the Companies and Allied Matters Act.
The NGA stated that stakeholders and experts in the energy sector have long called for the privatization of the state- owned regulatory agency to increase its efficiency and separate its regulatory, revenue generating, and oil production components.
The National Publicity Secretary of NGA, Odianosen Masade, speaking in a live television interview, stressed the need for proper implementation of the new policy without jettisoning proposed changes during operations.
“The idea is for the entity to become profitable. With privatization, the NNPC will be relieved of all the burdens of government control and become autonomous.
“The NNPC can now be listed on the Stock Exchange, secure investments and generate more revenue for the country,” Masade said.
Masade, who is the Corporate Communications Lead, Eroton Exploration & Production Company, also analysed some of the socio-economic and political issues shaping the global energy situation.
These issues, according to the NGA Scribe, include the Russia-Ukraine conflict, the controversial visit of US House Speaker, Nancy Pelosi to Taiwan, and the latest meeting of the OPEC+.
“The meeting was held against the backdrop of the war in Ukraine, which has led to a global energy crisis with the limits placed on Russian fossil fuels. US has already earlier called on Saudi Arabia to pump out more oil to fill in the gap.”