With the nation’s oil and gas industry’s plummeting fortunes, the
Petroleum Monitory Committee (PMC), African Union (AU) Commission, has
canvassed appropriate enabling legislation to stem the sliding profile.
The country’s crude oil production declined from 1.93 mbpd in May to the average of 1.861 mbpd in June, even as new investments in exploration activities have been waning.
Chairman of the commission’s PMC, Dr. Emmanuel Egbogah, said new laws that would bolster the strategic economic sector, with concomitant positive impact on job creation should be enacted.
Besides, Egbogah stressed that Nigeria’s plan to achieve the vision of becoming one on the leading economies in the world would be a mirage without proper focus on research and development.
Egbogah, who was the Special Adviser to the President on Petroleum Matters, believed that the country is lagging behind in research and development in Africa needed for the development of its oil and gas sector.
Speaking at the ongoing 37th Nigeria yearly international conference and exhibition, organised by the Society of Petroleum Engineer (SPE) in Lagos, Egbogah also emphasised the need for the Federal Government to invest in human capital development.
According to him, the country can never develop with the low level and middle level manpower presently in the country. “Also, appropriate and enabling legislation is needed for the development of the country’s oil and gas industry.”
He attributed the high rate of brain drain in the country to the inability of the government to provide the needed jobs for the people. “There are 3.25 million Nigerians working in North America, 150,000, are in the medical profession; 175,000, in the Information Technology sector; 87,000 are in the pharmaceutical sector; 50,000, in the engineering industry; and 250,000 professionals in the legal and real estate sectors”.
To tackle the high rate of unemployment in the country, Egbogah emphasised the need for the Federal Government to establish institutions, which would assist young entrepreneurs who wish to be self-employed.
“The solution to unemployment in the country is to be self employed. The government cannot provide jobs for everybody. People should begin to think towards establishing their own businesses. The government has been able to set up the micro finance banks, which are supposed to assist young entrepreneur in respect to funding. Government should ensure that these institutions are performing the roles, which they have been establish to do”, he said.
He added: “The Federal Government has never has a sustained focus on the development and application of technology for transforming its national economy, and the education curriculum was not designed to deliver a leadership base in science and technology. But Nigeria would do well to follow Malaysia’s example.
“In Nigeria and Malaysia, technology is clearly the engine of growth. Within this framework, business and industry are the drivers, government is the catalyst and academia is the fuel. An integrated strategy, therefore, must link these stakeholders in the business of national development. Technology-based development can occur only with concerted efforts to revitalise education, develop personnel, and create integrated industries”.
http://www.ngrguardiannews.com/business-news/128666-leeway-to-nigerias-economic-development-by-au-commission
The country’s crude oil production declined from 1.93 mbpd in May to the average of 1.861 mbpd in June, even as new investments in exploration activities have been waning.
Chairman of the commission’s PMC, Dr. Emmanuel Egbogah, said new laws that would bolster the strategic economic sector, with concomitant positive impact on job creation should be enacted.
Besides, Egbogah stressed that Nigeria’s plan to achieve the vision of becoming one on the leading economies in the world would be a mirage without proper focus on research and development.
Egbogah, who was the Special Adviser to the President on Petroleum Matters, believed that the country is lagging behind in research and development in Africa needed for the development of its oil and gas sector.
Speaking at the ongoing 37th Nigeria yearly international conference and exhibition, organised by the Society of Petroleum Engineer (SPE) in Lagos, Egbogah also emphasised the need for the Federal Government to invest in human capital development.
According to him, the country can never develop with the low level and middle level manpower presently in the country. “Also, appropriate and enabling legislation is needed for the development of the country’s oil and gas industry.”
He attributed the high rate of brain drain in the country to the inability of the government to provide the needed jobs for the people. “There are 3.25 million Nigerians working in North America, 150,000, are in the medical profession; 175,000, in the Information Technology sector; 87,000 are in the pharmaceutical sector; 50,000, in the engineering industry; and 250,000 professionals in the legal and real estate sectors”.
To tackle the high rate of unemployment in the country, Egbogah emphasised the need for the Federal Government to establish institutions, which would assist young entrepreneurs who wish to be self-employed.
“The solution to unemployment in the country is to be self employed. The government cannot provide jobs for everybody. People should begin to think towards establishing their own businesses. The government has been able to set up the micro finance banks, which are supposed to assist young entrepreneur in respect to funding. Government should ensure that these institutions are performing the roles, which they have been establish to do”, he said.
He added: “The Federal Government has never has a sustained focus on the development and application of technology for transforming its national economy, and the education curriculum was not designed to deliver a leadership base in science and technology. But Nigeria would do well to follow Malaysia’s example.
“In Nigeria and Malaysia, technology is clearly the engine of growth. Within this framework, business and industry are the drivers, government is the catalyst and academia is the fuel. An integrated strategy, therefore, must link these stakeholders in the business of national development. Technology-based development can occur only with concerted efforts to revitalise education, develop personnel, and create integrated industries”.
http://www.ngrguardiannews.com/business-news/128666-leeway-to-nigerias-economic-development-by-au-commission
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