The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has introduced a strategic plan to address challenges and leverage opportunities within Nigeria’s petroleum industry.
A statement on Saturday by the Special Assistant on Media and Communication to the Minister, Nneamaka Okafor, revealed that Lokpobiri presented the plan at the Cross Industry Group meeting in Istanbul, Turkey, while addressing a gathering of Nigeria’s leading oil producers.
The statement noted that Lokpobiri highlighted the oil sector’s critical role in Nigeria’s economy, noting that it contributes approximately 85% of government revenue and serves as a key source of foreign exchange. He emphasised the need for Nigeria’s oil and gas sector to remain resilient, competitive, and profitable.
The minister outlined a dual approach for the industry’s future, focusing on maximising crude oil production while supporting a transition…