STRATEGIES FOR TRANSFORMING OIL AND GAS SECTOR FOR ECONOMIC GROWTH AND ENVIRONMENTAL SUSTAINABILITY IN NIGERIA

OLUWADARE JOSHUA OYEBODE

Abstract

There is great demand for drastic transformation of oil and gas sector for optimal delivery,environmental safety, and economic growth in Nigeria. The ever-increasing demand and insufficient supply of oil and gas products in Nigeria has been a great challenge to her development. This paperhighlighted some strategies for transforming oil and gas sector in Nigeria. Recent annual report of department of petroleum resources were used as the basis for the investigation of salient issues such as exploration and exploitation processes, refinery activities, petroleum product importation, gas infrastructures, health, safety and environment. It is observed that situation in oil and gas sector is becoming dangerous, with increasing population not balanced by inadequate local refineries, stagnation of downstream sector, inefficient energy development programme and erratic capacity utilization. Strategies were developed for revolution of this important sector. This includes efficient oil policy in management of oil resources for conflict resolution, quality assurance of effective productivityand operation with sustainable environment in view. Eradication of corruption and wastages are essential. There will be enhanced delivery if standard contract administration and adjudication can be enforced. Adoption and Implementation of these strategies will bring a robust solution to nation’s oil and gas issues. Excellent approaches, strategic policies, effective oil policy framework, capacities building in oil and gas sector are recommended for conflict resolution and sustainable environment.