President Muhammadu Buhari on Thursday said the Oil and Gas sector remained the way out of the current economic recession.
Buhari stated this while delivering a speech at the Nigeria Oil and Gas Industry Roadmap tagged “The 7 Big Wins” organised by the Ministry of Petroleum Resources.
He said, “The Petroleum industry, remains critical to the Nigerian economy of today and the future, despite our current challenges.
“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.”
Speaking further, he said, “As important as it is to ensure that Agriculture, Solid minerals and other critical sectors of the economy are supported to grow and contribute more to the nation’s economy, we still need a virile and efficient oil an gas industry to take care of our foreign exchange requirements.
“This is a national imperative and a core thrust of our economic policy.”
He added, “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.
Buhari said the Roadmap was a reflection of the vision and aspiration of this Administration for this sector.