Dr. Ibe Kachikwu: A Game Changer In Africa Petroleum Industry, And The Prospects Ahead

Dr. Ibe Kachikwu: A Game Changer In Africa Petroleum Industry, And The Prospects Ahead

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As all roads lead to the Inaugural Ceremony for the
second term of President Muhammadu Buhari, the rave of inspiration and
tension is fast spiking on who would remain in Mr. President’s
Ministerial Cabinet, and those that will be brought to the frontier of a
new dawn of economic revitalisation.
As we all know, Oil and gas still remains a critical
enabler for the successful implementation of our budget, as well as the
source of funds for laying a strong foundation for a new and more
diversified economy.
One Minister who has played a significant role in the
reshaping of the Nigerian Economy after all it suffered over the years,
is Dr. Emmanuel Ibe Kachikwu, the Honourable Minister of State,
Petroleum Resources.
Dr. Ibe Kachikwu has introduced some of the most
Flexible frameworks in our oil sector in just a few years as minister.
Some of his emphatic ideas has translated into growth in our Foreign
exchange reserve as a result of increased buoyancy from the earning
capacity in the oil sector.

Ibe Kachikwu & President Buhari
A Checklist of the 7 Big Wins:
When Dr. Ibe Kachikwu introduced the 7 Big Wins, critics
doubted the viability of achieving what was outlined on the roadmap.
But at this junction we can clearly checklist achievements from the 7
Big Wins roadmaps, ranging in host communities relationship and Niger
Delta militancy and the security transformation. Funding for the sector
has improved through joint venture cash calls. Investment from the
Private sectors is unprecedented in that light. A couple of roadshow in
India, China, and the United States so as to provide investment
opportunity in infrastructure development, oil and gas facilities,
operations and maintenance across the entire value chain.
Dr. Ibe Kachikwu has no doubt spent the last few years
exuding his sense of technocratic and administrative Dexterity with the
way he has been running the laborious affairs in the Ministry and the
ideas he has brought to the fore clearly show how bright the future is.
The Future & Prospects:
His poise and global drive for infrastructural
developments in the Oil sector has attracted investments from the likes
of Zabazaba, Etan Field, with FID of over $40billion, these are
milestones that will continue to bask growth for our oil sector and the
Nigeria Economy at Large.
The vitality of Dr. Kachikwu’s flexibility in the Global
Oil market has opened up Nigeria to the future in joining the rest of
the world in leading the market. Just recently, the Saudi energy
minister Khalid Al-Falih had reiterated the possibility of establishing
an independent refinery in Nigeria, considering it the best hub from
which to reach other African countries.
Dr. Kachikwu has longed emphasized on how the African
continent can take a queue from the Gulfs at how the GCC countries came
together to build a force that has continue to help them thrive. During
the 14th Meeting of the Joint Ministerial Monitoring Committee (JMMC) which took place on 19 May 2019, in Jeddah, the Kingdom of Saudi Arabia.
Dr. Kachikwu made a case for the need for continued
monitoring of the oil market developments at the Joint Ministerial
Monitoring Committee (JMMC) while noting that this will form the
framework for the decisions that will be made to the OPEC Conference and
OPEC and non-OPEC Ministerial Meeting which will hold in June 2019.

14th JMMC Meeting
The rationale is quite simple to define, we really
needed this opportunity where we can lead Africa’s response to global
oil challenges. Nigeria imports the bulk of its petrol, despite being
Africa’s biggest crude oil producer, due to its dilapidated refineries.
And to solve some of these plights, Dr. Ibe Kachikwu had a fruitful
discussion with some of Saudi Arabia energy officials so as to sign an
MoU; Areas of interest will cover the existing refinery revamp, building
of a brand new refinery, LNG investments and product supply trading in
crude and refined products.
Dr. Kachikwu called on Aramco to come invest in Nigeria
four refineries, two in Port Harcourt, one in Warri, and one in Kaduna.
And With the emergence of Dangote Refinery in 2020 which will produce
650,000 barrels being built, the prospects for the Nigeria Oil and Gas
Sector glitters.
No doubts, the voice of Dr. Ibe Kachikwu which has long
echoed is gaining fruitful success, that national state-owned oil and
gas industries should develop common infrastructure projects in order to
guarantee different possibilities for exporting their energy. This
requires common understanding, financing, construction and operation.

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