President Buhari: Corruption in Nigeria’s oil sector must stop

President Muhammadu Buhari, on Monday insisted that instances of corruption in the nation’s oil and gas industry must not be allowed in any form.

Buhari stressed that his government was working relentlessly to make transparency the watchword in all oil and gas transactions.

Declaring open the maiden edition of the Nigeria International Petroleum Summit, NIPS, Buhari told local and foreign oil industry stakeholders in Abuja that his administration will not stop the fight until a new image is created for the sector.

“Corruption in this industry must not be allowed in any form. On our part we will not stop the fight until a new image is created where transparency will be the watchword in all our transaction,” he said.

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The president, who was represented by the Secretary to the Government of the Federation, Boss Mustapha, said that effort in stakeholder engagement and stabilising the Niger Delta will continue to receive due attention to ensure a sustainable level of production.

He said Nigeria was open to private sector investment in the downstream sector and pursuing vigorously a programme for the rehabilitation of existing refineries so as to enhance capacity to supply locally refined petroleum products in Nigeria and West Africa.

His words, “This summit will afford Nigeria a unique opportunity to showcase to the international community policy direction and effort of government in the petroleum sector especially the new oil and gas exploration and markets, new measures to sanitise the sector.

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“The expansion of investment opportunities to boost investors’ confidence, technological advancement, Nigerian content development, the institutionalisation of reforms in the country’s oil and gas industry and the galvanisation of Nigeria’s position as the leading oil producer in the continent of Africa”.

The NIPS, designed to be Africa’s largest and most important oil and gas platform and linkage to the world, is taking place in Abuja over the next four days.

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