Some stakeholders in Nigeria’s oil and gas sector have called for value addition in order to enhance sustainable growth.
The stakeholders made the call at the Seventh International Mid/Downstream Oil and Gas Conference in Port Harcourt, Rivers State, on Wednesday.
Speaking at the conference organised by the Centre for Gas, Refining and Petrochemical Engineering (CGRP), University of Port, in partnership with the Nigerian Society of Chemical Engineers.
Speaking at the event, managing director of Indorama Eleme Petrochemicals Limited, Mr. Manish Mundra said the conference would generate ideas that could engender positive changes in the sector.
Represented by the head of Fertiliser Manufacturing, Indorama Eleme Fertiliser Chemicals Limited, Mr. Upendra Singh, Mundra said positive reforms in the sector would support Nigeria’s economic growth.
“Repositioning the sector means promoting hydrocarbon numbers into diversified high value industrial products,” he said.
Mundra further said that Indorama had implemented several policy reforms through innovative expansion strategies.
The Managing director added that a $3 billion expansion programme implemented by the company had made it the largest petrochemical and fertilizer company in Africa.
“Indorama Eleme Petrochemicals Limited’s polymer supply sustains Nigerian MSMEs in manufacturing,” he said.
Also speaking, managing director of Nigeria Liquefied Natural Gas (NLNG), Mr. Adeleye Falade noted that export-led growth and investment in people and cultural transformation were critical to sustainable development of Nigeria.
Represented by the manager, Future Opportunities of NLNG, Mr. Oluwafemi Lawal, Falade said value addition ecosystems and capabilities should be built around the sector for sustainable growth.
“Possession of oil and gas resources alone may largely not translate into economic development and prosperity, we must add value.
“Resources become an advantage only when capability is built around them. The real multiplier is not the gas molecule, it is the economy built around it.
