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The Chairman of Nigerians for Good Governance, Dele Olaseni, has reacted strongly to former Senator Ben Bruce’s comments that President Bola Tinubu needs a “mad man” to fix Nigeria’s petroleum ministry, saying the remark overlooks significant developments and reforms taking place in the oil and gas sector.
Olaseni said recent increases in crude oil production, renewed investor interest, the return of Final Investment Decisions (FIDs) and the expansion of refinery projects demonstrate that the Tinubu administration is taking steps to reposition the petroleum industry.
According to him, Nigeria’s crude oil production has increased from about 900,000 barrels per day to approximately 1.87 million barrels per day since the administration assumed office.
“Do you know what it has taken this government to move Nigeria from about 900,000 barrels per day to 1.87 million barrels per day since it came into office?” Olaseni asked.
He also pointed to the return of major investments and FIDs, which he said had been largely absent from Nigeria’s petroleum sector for more than a decade.
“Do you know that investment and FIDs, which were elusive in this country for more than 12 years, are finally coming back into the sector?” he said.
Olaseni stressed that an FID should not be interpreted as an immediate increase in crude oil production, explaining that major petroleum projects require years of development before production begins.
“An FID does not mean production starts the next morning. These projects take time. Many of the FIDs secured today translate into increased production capacity over the next two or more years. That is how the industry works,” he said.
He further noted that Nigeria is a signatory to the OPEC Declaration of Cooperation and is therefore expected to operate within its agreed production quota.
According to him, the Federal Government is also engaging with relevant stakeholders in pursuit of a higher quota as the country’s production capacity continues to improve.
“Maybe you also do not know that Nigeria is a signatory to the OPEC Declaration of Cooperation and is therefore required to respect its production quota. We are, in fact, engaging and negotiating for a higher quota because our production capacity is increasing,” Olaseni said.
On refinery development, Olaseni said the Nigerian National Petroleum Company Limited (NNPCL) was working towards a partnership arrangement aimed at getting the national refineries fully operational.
He also cited the issuance of more than 100 refinery licences under the current administration as evidence, in his view, of efforts to encourage private-sector investment in the downstream petroleum industry.
“Under this administration, more than 100 refinery licences have been issued. Yet you want Nigerians to believe that a government deliberately creating an enabling environment for private investment is doing nothing?” he asked.
Olaseni urged critics to examine the records of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and assess the number of investors and companies showing renewed interest in Nigeria’s oil and gas assets.
He argued that the sector had experienced a prolonged period of declining investor confidence, but said the situation was gradually changing.
“For years, investors were running away from this industry. Today, capital is beginning to return. FIDs are being announced. Production is rising. New refinery projects are coming on stream. Assets are attracting renewed interest,” he said.
Reacting directly to Ben Bruce’s “mad man” description, Olaseni said the comment failed to acknowledge the technical and economic complexities involved in managing the petroleum industry.
“And you, in your wisdom, describe the people driving these reforms as not mad enough?” he asked.
“Well, if the industry is being run by ‘men that are not mad enough’, then those men are clearly doing something you either do not understand or deliberately refuse to acknowledge,” he added.
The Chairman of Nigerians for Good Governance also challenged critics to speak with industry stakeholders about the impact of the administration’s reforms before passing judgment on its performance.
“Before you spew rubbish, go and ask the actual industry players how they feel about this administration. Ask them about the reforms. Ask them about the investment climate. Ask them about the opportunities opening up in the sector. Then come back and talk,” Olaseni said.
He maintained that rising production, renewed investments, FIDs, refinery developments and increased investor interest should be considered when assessing the administration’s performance in the petroleum sector.
Olaseni concluded that political rhetoric should not replace facts and industry analysis.
“Noise is not analysis. And political grandstanding is certainly not an understanding of the petroleum industry,” he said.
