By Oluseye Ojo
Prof Olawunmi Iledare, an expert in international petroleum fiscal economics and geopolitics of oil and gas resources and supply, has said absence of a substantive minister in the Ministry of Petroleum Resources has led to weak policy formulation and implementation in the oil and gas industry.
He disclosed this in his keynote address at the second edition Dr Diran Fawibe Annual Lecture series, themed: ‘Disrupting the Energy Landscape in Nigeria’, held at the CBN Building, Faculty of Economics, University of Ibadan, on Wednesday.
It was gathered that Nigeria has not had any substantive minister of petroleum for close to a decade as the sitting presidents have been the ones doubling as ministers of petroleum.
In August 2023, President Bola Tinubu appointed Heineken Lokpobiri as the Minister of State for Petroleum Resources (Oil) and Ekperikpe Ekpo as Minister of State for Petroleum Resources (Gas).
Iledare, who is a Professor Emeritus in Petroleum Economics, Louisiana State University (LSU) Centre for Energy Studies, United States, ayes that it is essential to establish a clear national agenda towards repositioning the oil and gas industry as a driver of economic diversification and sustainable development.
He noted that the minister for petroleum is designated for policy institution and that the aspect is the weakest leg in the oil and gas industry. He added that the occupation of the miniterial position by the president of the country has made the industry weak in proposing the kind of policies that the president should act on. The practice, he argued, has hindered the sector’s growth and development.
Iledare noted the critical need for transformational leadership in Nigeria’s oil and gas industry, emphasising the pivotal roles of regulation, commercial institutions, and the minister of petroleum in shaping policies.
“The minister of petroleum is the owner of the oil and gas industry in Nigeria in terms of policy formulation,” Iledare stated.
The convener, Dr. Diran Fawibe advocated the need for collaboration between academia and industry for sustainable growth, saying: “In developed countries, universities serve as centres for research and development, closely linked with industry. Government cannot fund universities alone; industry must step up.”
Chairman of the occasion, Mutiu Sunmonu, also noted that understanding energy transition is essential for all stakeholders to address energy disruption from a position of fact and science.