The Nigerian government has recently announced it will host the Nigeria International Petroleum Summit (NIPS) in Abuja this February to revive the African oil industry. The summit will run from the 19th-23rd February in Abuja, Nigeria. Nigeria, as the continent’s largest oil producer and economic powerhouse, has decided to host.

The Summit will be a meeting between key Nigerian political decision-makers, government officials as well as directors and specialists from the Ministry, NNPC and other relevant governmental bodies, Directors of National &International companies, multinational and multilateral organizations, the academia and other relevant stakeholders.  It will also be an international exhibition of economic operators, national and international companies and potential investors coming together to present new technologies and know-how in the petroleum sector. Permanent Secretary in the ministry of petroleum resources, Dr. Folasade Yemi-Esan explains the need for the summit by speaking of the various challenges the African oil industry has faced that have diminished its performance. Yemi-Esan explains the general structure of the summit, saying that “There will be a session at NIPS that will focus on tangible steps for delivering sustainable and equitable socio-economic improvement through industrial diversification. We will be having key policy shapers drawn from National Assembly.”

Various international oil and gas companies have already expressed their interest, confirming their participation and support for the summit. Many other indigenous power players in the oil and gas industry have also confirmed their support. These include Aliko Dangote, the President of Dangote Group, and Tony Elumelu, Chairman of UBA Plc and founder of The Tony Elumelu Foundation (TEF). Other confirmed international guests include the Secretary General of Gas Exporting Countries Forum (GECF), Seyed Mohammad Hossein Adeli; Secretary General of the International Energy Forum (IEF), Sun Xiansheng; and Mohammad Sanusi Barkindo, Secretary General of the Organisation of Petroleum Exporting Countries (OPEC).

There seems to be hope yet for the African oil industry. Minister of State- Petroleum, Dr. Emmanuel Ibe Kachikwu, says “The on-going reform in the sector presents a new dawn for Africa and we are excited about it. It shall provide huge investment opportunities in infrastructure development, oil and gas facilities, operations and maintenance across the oil and gas value chains.”

What do you think? Will this revive the African oil industry? Let us know in the comments below!