Tinubu’s Reforms Reviving Oil&Gas Sector-Speaker Abbas

The Speaker of the House of Representatives, Rt Hon. Tajudeen Abbas, has said that the oil and gas industry, especially the downstream sector, is witnessing an unprecedented revival under the progressive leadership of President Bola Ahmed Tinubu.

The Speaker who stated this on Monday while declaring open the first annual downstream petroleum week, stated that the Renewed Hope Agenda of President Tinubu’s administration is reforming and revitalizing key sectors of the economy.

Represented by the Deputy Speaker, Rt. Hon. Benjamin Kalu, the Speaker noted that the conference, themed “Celebrating Our Successes, Confronting Our Challenges and Finding Solutions for the Petroleum Downstream Sector,” is remarkable and a timely reminder that Nigeria is full of success stories, and that the challenges are not insurmountable and with this kind of collaboration, quality assurance and self-evaluation by critical stakeholders, solutions are bound to emerge.

He said that the effective take-off of the Dangote Refinery marked a turning point in the nation’s quest for energy self-sufficiency.

He also said the anticipated emergence of other private indigenous refineries underlines the need for the National Assembly to continue to create a functional environment for industries to thrive.

Abass said the outcome of conferences such as this not only make the laws the parliament makes more pertinent and productive, but ensures that it will receive the avid cooperation and support of industry leaders.

The Speaker therefore urged the stakeholders to come up with innovative and creative solutions that will revamp the petroleum downstream sector, contribute to the overall development of the economy and positively impact the country as a whole.

He said, “I am delighted, and excited to welcome you all to the First Annual Downstream Petroleum Week organised by the House Committee on Petroleum Resources(downstream) in partnership with the Federal Ministry of Petroleum Resources and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

As I look around at the quality of representation here, I feel confident that this event will become one of the most defining moments in the evolution of the downstream petroleum sector. Our hope is that as thinkers, innovators, workers and policy advocates, your collaboration will finally reshape the industry, setting agenda for growth, transparency and sustainable practices.

“I therefore commend the Chairman of the House Committee on Petroleum Resources, Hon. (Barr.) Ikeagwuonu Ugochinyere, and the rest members of the Committee, for conceiving and convening this historical national conference, with stakeholders like the NNPCL, PENGASSAN, the Dangote Group, and all the other oil and gas-affiliated associations represented here today. Your participation underscores our shared commitment to progress and reform. Together, we represent the full value chain—policy, regulation, labour, production, and investment, working in one accord to build a stronger energy sector.

“Indeed, agenda-setting programmes, such as this conference, which tend to galvanise critical stakeholders in the petroleum downstream sector, not only foster inclusiveness and commitment to genuine national development, but also reinforce citizens’ trust in the commitment of the National Assembly and government institutions in driving sustainable development. The evolution in the petroleum industry today has been made possible by the landmark passage of the Petroleum Industry Act (2021), a comprehensive, sweeping legislation that reformed the governance, administration and fiscal framework of the Nigeria Petroleum Industry. That law restructured the NNPC, transforming it into a commercial entity and established such regulatory bodies as the Nigeria Upstream Petroleum Regulatory Commission, NUPRC, and Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, thus renewing investors’ confidence, reducing oil pilferage, promoting transparency and competition, and generally improving operational efficiency.

“Our legislative responsibility has always been to craft policies, enact laws, and provide the oversight that will strengthen the downstream sector and ensure that it contributes to a more secure, efficient, and resilient Nigerian economy. This conference therefore provides an invaluable opportunity for improved legislation. By bringing together government, industry, labour and investors to share perspectives, confront challenges, and develop practical, forward-looking solutions to the challenges in the sector, this forum ensures that the conversations to be had here will inform the framework of any policy in the energy landscape for years to come.”

In his opening remarks, the Chairman House Committee on petroleum resources downstream, Hon. Ikenga Ugochinyere urged labour unions and stakeholders in the oil industry to engage in constructive dialogue to resolve refinery dispute.

He said the Committee is aware of the recent labour concerns involving Dangote Refinery and sector unions, noting that while such issues are not uncommon in developing economies, they must never be allowed to undermine productivity or national stability.

He therefore urged both labour unions and industry operators to always pursue dialogue over disruptions at all times, assuring of the parliament’s readiness to facilitate peace, fairness, and mutual respect in all industrial engagements.

Ugochinyere added that the Downstream Week is designed to be a recurring space for national dialogue, where they assess policies, evaluate progress, and celebrate excellence, toward a shared vision for a competitive and transparent downstream sector