Senator Olajide Ipinsagba, Chairman of the Senate Committee on Petroleum Downstream Sector, and Adetunji Oyebanji, Chairman of the OTL Advisory Board, have called for a united front among industry leaders, policymakers, and experts to revamp commercial and capital arrangements, explore trends, improve logistics infrastructure and regulatory framework, and focus on technology commercialization and adoption.
They 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 Olajide Ipinsagba, Chairman, the Senate Committee on Petroleum Downstream Sector and Adetunji Oyebanji, Chairman of the OTL Advisory Board have recommended the collaborative efforts of industry leaders, policymakers and experts for the collectively address the challenges facing the energy sector in Nigeria.
Senator Ipinsagba, made this known in his goodwill address delivered at the ongoing Oil Trading and Logistics Africa Downstream Energy Week 2023, in Lagos.
According to him, there is the energy industry in Nigeria is vital to driving economic growth, job creation and technological advancement.
Hes said, “It is a sector that constantly evolves, adopting to changing market dynamics, advancements in technology and global trends.
He therefore emphasised that the interaction of experts at the OTL should be used to embrace emerging technologies and foster collaboration.
He further stated that it is possible for Nigeria to build a resilient energy ecosystem that benefits not only the economies but also our environment,” Ipinsagba said.
Oyebanji, Chairman of the OTL Advisory Board, in his welcome address at the OTL said 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 the sustained advocacy is needed as 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.”