The Federal Government has inaugurated a high-level committee to develop a new strategic plan that would reposition the oil and gas sector for better economic gains.

The committee, which was inaugurated, in Abuja, is expected to produce a comprehensive strategic plan for 2025–2030, providing a petroleum sector roadmap, and a monitoring and evaluation framework that will guide policy implementation, budgeting, and stakeholder engagement.

Speaking at the inauguration ceremony, the Permanent Secretary, Ministry of Petroleum Resources, Dr. Emeka Vitalis Obi said: “The new strategic plan would serve as an operational guide to reposition the ministry and its agencies for sustainable growth, improved performance, and stronger inter-agency coordination among key stakeholders such as the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Petroleum Technology Development Fund (PTDF), Nigerian Nuclear Regulatory Authority (NNRA), Nigerian Content Development and Monitoring Board (NCDMB), and Petroleum Training Institute (PTI).

According to him, the plan would integrate key reforms under the PIA, define measurable performance indicators in gas monetisation, domestic refining, energy transition, and fiscal optimisation, while aligning with the government’s Renewed Hope Agenda on economic diversification, job creation, and energy access.

He said it would also focus on stabilising upstream production, expanding midstream infrastructure, promoting transparency in the downstream market, deepening local content and skills development, and entrenching digital governance through data analytics and real-time performance monitoring.

He said the creation of the committee was in line with the Petroleum Industry Act (PIA) 2021, the National Development Plan (NDP) 2021–2025, and the Nigeria Agenda 2050.

He noted that although the oil and gas sector contributes about 6.4 per cent to Nigeria’s GDP, accounts for over 85 per cent of export earnings and 50 per cent of fiscal revenues, it remains challenged by infrastructure decay and declining production, currently averaging around 1.45 million barrels per day against OPEC’s quota of 1.8 million barrels, coupled with the pressures of global energy transition.

The committee, chaired by Mr. Usman Abdulkadir, Director of Planning, Research and Statistics in the ministry, comprises representatives from various departments and agencies, including the PTI, NNRA, and NUPRC.

Speaking also, Abdulkadir, said: “The initiative was in line with government directives to craft a forward-looking strategic plan that reflects President Bola Ahmed Tinubu’s priorities under the Renewed Hope Agenda.”