Support indigenous oil firms to revamp economy, Starzs Investments CEO tells FG

Iroghama Ogbeifun, managing director and chief executive officer (CEO) of Starzs Investments Company Limited (SICL), has asked the federal government to support indigenous players in the oil and gas sector to revamp the economy.

Ogbeifun spoke to journalists in Lagos on Tuesday ahead of the upcoming Nigeria International Energy Summit (NIES) 2024.

She said the current economic situation in the country is due to the country’s reliance on foreign inputs.

“The current economic challenges facing the country can be attributed to the nation’s dependence on foreign input. It’s time for local operators to take the central stage in the industry and stabilize it,” Ogbeifun said.

“That way we can begin to play big in the African energy sector to boost every aspect of our economy.

“We all know that energy is the foundation for industrialization.

“Now that local operators are playing in almost every aspect of the industry, the government must give them the necessary support. The N.I.E.S therefore, provides a meeting point for the government to hear from the operators and fashion policies that can speedily advance the sector.”

Ogbeifun said the NIES is an initiative of the ministry of petroleum resources which provides a forum for experience-sharing between industry operators and regulatory bodies.

“The Summit promises to host a plethora of strategic conversations on energy events and activate plans to unlock new frontiers in the global energy transition,” she said.

The CEO expressed confidence that the event would help the administration of President Bola Tinubu in creating a plan to recoup the damages the industry has recently suffered.