The Federal Ministry of Petroleum Resources and the oil and gas sector stakeholders have expressed concerns about implementing the 2021 Petroleum Industry Act for economic growth.

They made the call at a one-day stakeholders’ engagement in Abuja.

The Young Innovators of Nigeria organised the meeting as part of the activities to mark its 10th anniversary.

Nicholas Ella, permanent secretary of the petroleum ministry, recalled the enactment of the PIA in 2021, targeted to promote efficiency, boost transparency, and enhance sustainable practices.

Mr Ella said, “The PIA also marks a new chapter for investors, providing clarity and stability in fiscal regimes, which are essential for fostering both local and international investment.

“In 2023, Nigeria saw a rebound in oil production, averaging 1.4 million barrels per day in the third quarter, a significant improvement from the previous year.

“This resurgence was driven largely by the enhanced operational environment fostered by the PIA, as well as the continued efforts to combat oil theft and pipeline vandalism. I encourage all stakeholders, whether from government, industry, investment, or host communities, to focus on actionable outcomes that will maximise the benefits of the PIA,” he said.

According to him, with the PIA, Nigeria is ready to lead Africa in energy investments, attract global capital, and maintain its pivotal role in the international energy arena.

Ahmed Galadima, executive secretary of Petroleum Technology Development Fund, said they had engaged in human capacity development, Research and Development for technology innovations and institutional development.

He said this was to support energy transition and gas development initiatives.

Mr Galadima said PTDF was committed to aligning its strategies with the key drivers of the PIA to enhance local participation.

On the development of gas innovation and renewable energy research centres, he said the Fund would support the government’s desire to meet global efforts on energy transition targets and objectives of the Global Energy Planning Targets.

Mohammed Shehu, chairman of VG Energy, said technology was revolutionising systems.

Mr Shehu said the government could deploy pipeline surveillance and monitoring systems, blockchain technology for supply chain management, the Internet of Things, and artificial intelligence to boost oil and gas sector activities.

(NAN)