MINISTER of State for
Petroleum Resources, Dr
Emmanuel Ibe Kachikwu,
is optimistic that despite the
crash in oil prices in the global
market, the oil industry will
rise again.
Kachikwu made this known
yesterday while delivering the
45th Convocation lecture of the
University of Nigeria, Nsukka,
UNN, titled, “The Petroleum
Industry and the Future of
Nigerian Nation.”
The minister lamented that
the price of oil has remained
unpredictable but expressed
the hope that in future, it will
not be bleak because the price
might appreciate.
He said the oil industry in
Nigeria was bedevilled by a lot
of factors among which is that
some individuals are working
contrary to the growth of the
He also said that one of
the problems besetting the
industry was the huge cost of
production, saying that the
cost of importing oil to the
country ranked the highest in
the world.
The minister, who was
optimistic that the oil industry
would soon bounce back, said
they were preoccupied with
plugging loopholes in order to
shore up loses in the industry.
According to him, in the
recent past, the industry has
reduced losses from about 140
to N10 million.
He gave Nigerians hope
that in the near future, more
refineries will be built so that
Nigerians will enjoy their God
endowed natural resources.
He was of the view that the
refineries were built to work
for Nigerians and for this
reason, Nigerians should enjoy
their endowment.
“Nigerian refineries must
work for Nigerians,” he said
pointing out that at present,
two refineries have started
producing and pumping oil to
Nigerians in spite of bombings
on pipelines