Sopuruchi Onwuka

Players that strive to deliver Nigeria’s economic aspirations in the petroleum industry have called for buy-in from the government.

A chorus of powerful industry voices made it clear at the ongoing Nigeria Annual International Conference and Exhibition (NAICE) in Lagos made it clear that government has a role to play in delivering the prevailing mandate to boost oil production.

The Oracle reports that the country is struggling with a failed budget for the 2025 fiscal year which was premised on faulty oil price and output projections.

The budget which envisaged average oil price of $75 per barrel and daily output of 2.06 million barrels has left a huge fiscal gap, leading to activation of yet another borrowing spree by the government.

As at the time the budget was drawn in the last quarter of last year, Nigeria’s oil production was at about 1.5 million barrels per day, and government had handed instructions on the petroleum industry to immediately trigger output boost to meet the fiscal target.

While accepting the challenge as part of the agenda setting Nigerian International Energy Summit in February, industry captains pointed at serious security, safety and infrastructural challenges in the operating environment.

By early third quarter of the year, the players including international oil companies and indigenous independent producers were able to achieve some 250,000 barrels per day addition to existing volumes.

At the 2025 NAICE hosted by the Nigerian Council of the Society of Petroleum Engineers (SPE), industry captains called for collaboration in rescuing the country from prevailing fiscal crises.

Managing Director and CEO of Renaissance Africa Energy Company (RAEC) Limited, Mr. Tony Attah, identified extensive and deliberate collaboration with government and other stakeholders in creating congenial operating environment.

He noted that enabling environment has become a potent strategy for Nigeria to better utilise its vast oil and gas resources.

Mr Attach whose presentation was delivered by the company’s Chief Technical Officer, Mr. Abdulrahman Mijinyawa, canvassed strategic collaboration with government and other stakeholders to realize the full potentials of the industry.

“This is our strategy at Renaissance, which operates Nigeria’s largest upstream joint venture alongside NNPC Limited, TotalEnergies, and Agip Energy and Natural Resources Limited (AENR), with a portfolio spanning onshore and shallow-water terrains, including the Bonny and Forcados crude export terminals.”

With its diverse portfolio and vision, Attah noted, Renaissance can become a continental leader, enabling energy security in Africa and the industrialisation of Nigeria in a sustainable manner.

He called on stakeholders to collaboratively seek solutions that advance Nigeria’s economy while helping in meeting national and global energy needs safely, securely, and sustainably.

Also emphasizing collaboration in solving prevailing industry challenges, the Chairman of the Board of SPE in Nigeria, Engr Emeka Ene, emphasized the need for all forces to merge in delivering the momentum needed to push the industry forward.

While he boasted of the capacity of the Nigerian Council of the SPE to bring innovative solutions, he noted that addressing various other issues impinging on industry operations of the industry remains the function of state actors.

He emphasized that no one segment can independently solve the myriad of challenges currently facing the industry.

Forme Chairman of SPE, Egr Andrew Olotu, who visited the exhibition stand of Oida Energy group, listed challenges in the industry to include lack access to funding, poor local steel production capacity, inadequate home grown technology and overall insecurity in the operating environment.

Engr Olotu said government must improve the operating environment to enable players deploy resources and optimize available capacity.