The Federal Executive Council approved the National Petroleum Policy on 19 July 2017. This new policy aims to create a market-driven oil and gas industry and move the country away from oil as a source of income to oil as a fuel for economic growth.
The Minister of State for Petroleum Resources, Dr Emmanuel Kachikwu, believes the policy will also minimize the environmental footprint of oil exploration and manage the balance between depleting oil resources versus renewable energy. The hope is that the policy will ensure better sector governance and transparency of regulations and operations. If implemented properly, it has the potential to effect a much needed overhaul of the nation's oil and gas industry and to invigorate the severely underdeveloped midstream infrastructure of the country, as well as to encourage foreign investors to re-enter the arena.
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