By Godwin Oritse

THE leadership of Famfa has said that the current reforms in the oil and gas sector are expected to have a far-reaching impact on revitalizing the Nigerian economy if such reforms are properly implemented.

Speaking on a CNN monitored programme ‘One World with Zain Asher ’Vice Chairman of Famfa, Dr. Folorunsho Alakija said that a far reaching reform with grow the African economy and make Nigeria diversify its economy and focus on other areas that are safer for the business environment.

Alakija pointed out that as part of the structural adjustments to ramp up oil production, the government has introduced reforms such as the marginal field rounds, the Petroleum Industry Act (PIA) and the transformation of the Nigerian National Petroleum Corporation (NNPC) into a limited liability company.

Speaking further, she said in view of the last marginal field rounds which is as a result of International Oil Companies (IOCs) divesting from some of their assets in the country, the industry now has more indigenous players, which will help the economy.

On the impact of oil subsidy on the Nigerian economy, she was optimistic that the Dangote Petroleum Refinery, will bring a positive change in the story of subsidy and refining when operational later this year, such that the country will not have to import as much as it currently does.

Alakija also expressed her views on climate change, highlighting the need for the Government to diversify the economy.

Responding to Zain’s question on how Africa and Nigeria will successfully move away from the impacts of climate change on their economy, Alakija stated that the only way to reduce the impacts is for Nigeria and other African countries to pay more attention to all the other sectors that will not have damaging consequences on the environment.

According to her, these sectors include the manufacturing, agriculture, services and entertainment sectors among others.

“There would be more demands on us now to look inward and to ensure that we are using our land, water, climate, and human resources to ensure that agriculture is ramped up again as it used to be the case before, we found oil,” she said.

“There is the ICT sector that we need to pay attention to, and I believe that Nigerians are making waves in that sector. Our mining is an area that we need to pay more attention to. I think those areas have all suffered because we have relied solely on oil over the years,” she added.

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