Senator Olajide Ipinsagba, Chairman of the Senate Committee on Petroleum Downstream Sector, has called for a united front among industry leaders, policymakers, and experts.
Ipinsagba made this known during the goodwill address delivered at the ongoing Oil Trading and Logistics (OTL) Africa Downstream Energy Week 2023, in Lagos.
Senator Olajide Ipinsagba, Chairman, Senate Committee on Petroleum Downstream Sector, and Adetunji Oyebanji, Chairman of the OTL Advisory Board, Engr Farouk Ahmed at OTLAfrica, Lagos.
This according to him, would help to revamp commercial and capital arrangements, explore trends, improve logistics infrastructure and regulatory framework, and focus on technology commercialization and adoption.
He affirmed that many plaguing factors including energy transition, trade flows, and policy have altered the market dynamics and forced operators in the midstream and downstream sector to innovate.
Senator Ipinsagba specifically observed that the energy industry in Nigeria is vital to driving economic growth, job creation and technological advancement.
He said, “It is a sector that constantly evolves, adopting to changing market dynamics, advancements in technology and global trends.”
The senator further emphasised that the interaction of experts at the OTL should be used to embrace emerging technologies and foster collaboration.
According to him, “it is possible for Nigeria to build a resilient energy ecosystem that benefits not only the economies but also our environment,” Ipinsagba said.
Mr Adetunji Oyebanji, Chairman of the OTL Advisory Board, earlier in his welcome address observed that collaboration of all stakeholders is critical to bringing about clarity in the policy and political changes affecting operations in the downstream sector.
According to him, the vocal advocacy of players in the sector, over the years, yielded fruit in the deregulation policy announced by Nigerian government.
He therefore called for sustained advocacy, the traction and firepower to propel the engine of midstream and downstream industry to take off again.
Oyebanji who doubles as the Managing Director/Chief Executive of 11Plc, therefore affirmed that the deregulation policy has to be morphed into form, defined by competition, peer review, consumer value and overall market growth.
He said, “This has to be on the back of data, intelligence and strategy, key elements which we can harness collectively at OTL to deepen downstream business and policy.
Oyebanji further emphasised that things have been tough for many players in the downstream sector, albeit with a silver lining – a quest for reduced costs and increased efficiency, a tilt to innovation, and an inevitable recourse to technology.
According to him, “With lost earnings potentially replaced by increased savings and efficiencies, the canvass before us remains one of great opportunities.”
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