By Luminous Jannamike

ABUJA – Experts and stakeholders have called for urgent reforms in Nigeria’s oil and gas industry, highlighting the growing insecurity in the Niger Delta and the pressing need for the country to adapt to the global energy transition.

The experts emphasized that the sector, which has been central to Nigeria’s economy for nearly 70 years, requires a comprehensive overhaul to address environmental, security, and socio-economic challenges.

The symposium, held in Abuja on Thursday, brought together policymakers, industry leaders, and scholars to discuss the future of Nigeria’s oil industry.

The keynote address was delivered by Professor Kayode Soremekun of the Department of Political Science
Lagos State University, who analyzed Nigeria’s oil industry within both a national and global context.

He criticized the country’s historical mismanagement of its oil wealth, which has resulted in poverty and underdevelopment in oil-producing regions.

Soremekun called for a shift towards industrialization, using oil wealth to build long-term economic capacity, drawing lessons from countries like Malaysia and Indonesia.

“Nigeria operates as a rentier state, relying heavily on oil revenues but lacking control over the industry’s productive base,” he added.

Other key speakers included Paddy Ezeala, Managing Director of Classmasters Ltd. and Editor-in-Chief of Development Agenda Magazine, who discussed the need for increased awareness and better management of Nigeria’s oil resources.

He stressed the importance of aligning the oil sector with global energy transition trends while maximizing existing petroleum resources.

Ezeala also called for amendments to the Petroleum Industry Act (PIA) to address emerging challenges, particularly those related to environmental issues and stakeholder concerns.

He explained, “This is an industry that is central to our economy and even to our nationhood. It is something that we all should be familiar with.

“Now we are discussing energy transition. How are we transitioning? How are we moving forward? People should be aware and environmentally conscious.”

Professor Oshita Oshita, who presented a paper on security challenges in the Niger Delta, highlighted how ongoing violence and socio-economic neglect are worsening insecurity and hindering oil production in the region.

He linked these issues to the broader problem of Nigeria’s over-reliance on oil, which has led to the neglect of other sectors of the economy. Osang urged that the PIA be fully implemented to benefit both oil-bearing communities and the national economy.

According to him, “One of our major issues is the Dutch disease—our over-reliance on oil while neglecting other sectors of the economy.

“The oil industry is the focus of national policy, but the communities where this oil is extracted continue to suffer from underdevelopment.

“People in the Niger Delta will continue to fight for their land and resources until they see tangible benefits.

“There are opportunities in the Petroleum Industry Act that, if leveraged, could benefit both the oil-bearing communities and the broader economy.”

The symposium also discussed Nigeria’s struggle to meet its OPEC quota, with experts pointing to insecurity and environmental degradation as major factors.

Despite these challenges, the experts were optimistic that, with the involvement of key stakeholders like the Nigerian National Petroleum Company (NNPC), the recommendations made at the event could lead to actionable reforms that will improve the country’s oil sector and drive sustainable development.