Dr. Emmanuel Ibe Kachikwu has identified total removal of fuel subsidy and how to deal with the effects of such removal as the very next preoccupation that has to be addressed by his Ministry. Kachikwu explained to his audience at the occasion that ensuring good returns on investment for investors is the only panacea for ensuring continuous availability of fuel in the stations for Nigerians.
Dr. Kachikwu who is the Honourable Minister of State for Petroleum Resources was speaking on the occasion of the presentation of three years’ achievements and staff awards held on Thursday, 13th December, 2018. The event was graced by other colleagues of the Honourable Minister from Health and Environment Ministries.
Dr. Ibe Kachikwu identified key achievements of his Ministry to include building a virile oil and gas sector imbued with transparency and accountability. The Honourable Minister of State encapsulated the achievements in the relentless implementation of the “7 Big Wins” as launched by President Muhammadu Buhari in 2016. They include Policy and Regulation; Business Environment and Investment Drive; Gas Revolution; Refineries and Local Production Capacity; Niger Delta and Security; Transparency and Efficiency as well as Stakeholder Management and International Coordination.
The achievement event was also attended by Members of the National Assembly which include Senator Tayo, Chairman, Senate Committee of Petroleum Upstream; Joseph Akinlaja, Chairman, House of Representative Committee on Petroleum Downstream; as well as Victor Nwokolo, Chairman, House of Representative Committee on Petroleum. It is noteworthy that these revered National Assembly members did not only commend but endorsed the achievements of Dr. Ibe Kachikwu in growing and securing the Petroleum sector.
The Honourable Minister of State, Petroleum however identified challenges before the Oil and Gas Sector to include a need to bring more private investment into the oil refining sub-sector and ensuring that such investors get adequate returns on their investment.