By Clara Nwachukwu
Chairman, House of Representative Committee on Petroleum Resources (Downstream), Hon. DakukuPeterside, has observed that the private sector holds the key to the effective harnessing and utilisation of the nation’s hydrocarbon resources for overall economic growth.

Peterside, who made the observation when he led his committee members on an inspection tour of some oil facilities in Lagos, also commended the high level of competence exhibited by private firms in the industry, which he described as quite impressive.

While on the facilities tour, as part of the lawmakers’ oversight function on the downstream sector, the committee visited a number of places including the Department of Petroleum Resources, DPR, Federal Government/Nigerian National Petroleum Corporation, NNPC assets as well as some private depots and tank farm operators.

As a result, the lawmakers’ initial assessment was that the private facilities were more better managed and maintained than the government owned ones, for which Peterside promised that the committee will make recommendations on how to hand over some of these assets to the private sector.

Technology for people

At the DPR, the Director, Mr. OstenOlorunshola spoke about the dearth of capacity and constraints to employ new hands, leaving the industry regulator with the option of investing heavily in technology.