Oil, gas exploration in Ogun will boost Nigeria’s revenue, says Ijebu Waterside Club

The Ijebu Waterside Club (IWC) says the commencement of oil and gas exploration in Ogun would boost Nigeria’s revenue.

On May 31, the Ogun government announced that the Nigerian National Petroleum Company (NNPCL) Limited is set to begin oil and gas exploration in the state.

The government said the development would make its quest to become an oil-producing state materialise soon.

In a statement on Tuesday, Ahmed Tijani, IWC’s president, said the initiative aligns with the broader goals of the Petroleum Industry Act (PIA).

“We firmly believe that the commencement of oil and gas exploration will not only bolster the economy of Ogun State but also contribute substantially to the national revenue of the federal republic of Nigeria,” Tijani said.

“This initiative aligns with the broader goals of the Petroleum Industry Act (PIA), which seeks to enhance the development of frontier basins and drive economic prosperity through increased oil and gas reserves.”

Tijani said this major development, led by the NNPCL and other key stakeholders in Nigeria’s oil and gas sector, represents a significant milestone in the economic growth and development of both the state and the nation in general.

He said the decision of President Bola Tinubu’s administration to begin oil and gas exploration in the state is a testament to the region’s potential and its strategic importance within the Dahomey basin.

Tijani also commended the efforts of key stakeholders in the oil and gas industry, adding that dedication and vision have enabled this transformative initiative.

“We acknowledge the tireless efforts and commitment of key stakeholders, including the Minister of State for Petroleum Resources (Oil), Hon. Heineken Lokpobiri; Managing Director of Shell Petroleum Development Company Ltd, Mr. Osagie Okubor; Chief Executive of the Nigeria Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe; and the Group Chief Executive Officer of NNPCL, Mr. Mele Kyari,” he said.

“Their dedication and vision have paved the way for this transformative initiative.

“For us in Ogun Waterside local government area of Ogun State, home to diverse professionals forming the membership base of IWC, we stand in unwavering support and collaboration with the Ogun state government to ensure the success of this exploration venture.

“Our region, already recognised for its significant contributions across the agricultural value chain, bitumen production, and other natural resources, is poised to play a strategic role in this new chapter of our state’s development.”

‘OIL, GAS EXPLORATION WILL YIELD SIGNIFICANT BENEFITS’

Tijani said IWC, as the leading nonpolitical socio-cultural organisation with a membership base evenly spread across Ogun Waterside LGA, has begun strategic consultations to make actionable contributions toward the successful implementation of the planned oil and gas exploration initiatives.

He congratulated Dapo Abiodun, governor of Ogun state, on this achievement and reaffirmed the club’s commitment to fostering a conducive environment for investment and development.

“We extend our heartfelt congratulations to Governor Dapo Abiodun, President Bola Ahmed Tinubu, the government officials, and all stakeholders involved in making this vision a reality,” the president said.

“As we embark on this exciting journey, the IWC reaffirms its commitment to fostering a conducive environment for investment and development.

“We are confident that this exploration will yield significant benefits, including job creation, improved infrastructure, and increased economic activities in our community and beyond.”

Tijani said IWC anticipates a prosperous partnership that will promote sustainable growth and development for the state and Nigeria.