Nigeria must optimize crude oil exports value for growth – Isong

Nigeria must optimize crude oil exports value for growth – Isong

Mr. Clement Isong is the Chief Executive Officer/Executive Secretary of Major Marketers Oil Association of Nigeria (MOMAN). In this interview, he speaks on crude oil price crash, what OPEC should do and what the Nigerian government should do to attract investors to the oil sector this trying time to improve its contributions to the nation’s GDP and by implication, the country’s sustainable development

Do you think Nigeria can sustain its recent growth trajectory in this fiscally trying time for the country as the volatility in the international oil market lingers? We have been here before, several times. Each time it happened, the government in power had to put in place structural adjustment measures, painful but necessary. Those with this experience are still very much with us, many of them politicians in government today. Other extremely wise and intelligent players in the economy head key institutions or are very visible economic and political commentators. As a country, we have a large young and vibrant population, many educated and smart, who circumstances have taught the very painful lesson not to depend on anybody for their meals, their progress or survival.  As a people, we are wiser and more educated and more exposed in 2020 than we were in 1986 or 1998 and hopefully we have also learned from the economic and oil crisis in 2008 and 2014. We are more resilient, tougher and more innovative. It will be tough but survive, we will. With God’s guidance we will reset and make the tough decisions which we must make for our own good. Nigeria must sustainably optimize the value each barrel of oil brings to her. In the downstream space, for instance, we need to deregulate prices. I am not talking about price modulation. I am talking about price deregulation in order to eliminate waste and control local consumption. Encouraging the use of CNG (Compressed Natural Gas) as an automobile fuel will speak to the full optimization of our natural resources. In the upstream, we need to reduce our cost of production to become more efficient and competitive.

https://www.dailytrust.com.ng/nigeria-must-optimize-crude-oil-exports-value-for-growth-isong.html

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