Speaking at the Presidential Villa on Monday at the Nigeria International Energy Summit (NIES), the President revealed that his administration managed to dismantle some of the challenges the Energy sector was plagued with while working with many people to make it possible.
Buhari emphasised the revolutionary nature of the P.I.A., stating that "What we did with the P.I.A., you will all agree with me, was simply revolutionary." He went on to explain that his administration did not rest on its oars with the enactment of the Act but rather moved swiftly into action. He highlighted that the existing agencies were scrapped and replaced with new regulators, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The Nigerian National Petroleum Company (NNPC) was also immediately transformed into a limited liability company, NNPC Ltd, with a new brand identity and is on course to becoming the biggest, most capitalised, and most profitable company in the whole of Africa.
Buhari emphasised the reason for making the sector a priority of his government, stating that "Energy was and will remain a top priority of my administration till my last day in the office." He said that the reason for the reforms in the sector was not only because it was good for the energy industry but also because it was good for the overall economy and helped grow the economy and create jobs.
The President also highlighted the gas sector as a viable means of transitioning from crude oil, stating that "In the natural gas sector, we made a lot of progress. The agenda was the gas revolution." He further revealed that the government pushed for the diversification of Nigeria's economy and drive industrialisation through domestic gas utilisation, officially declaring natural gas as the transition fuel for Nigeria.
Buhari said, "We launched many initiatives to ensure that natural gas optimisation and utilisation are a reality." The National Gas Policy of 2017 articulated the policy goals, strategies, and implementation plan to reposition Nigeria as an attractive gas-based industrialised nation through the prioritisation of local gas demand requirements. The government also put in place a strategic framework to achieve the set objectives. The National Gas Transportation Network Code (NGTNC) was launched, which provides open and competitive access to gas transportation infrastructure.