Stakeholders in Nigeria’s energy sector have called for rapid and full implementation of the Petroleum Industry Act (PIA) and a comprehensive digital transformation to unlock the sector’s vast potential.
The concerned stakeholders, who spoke at the symposium by the Nigeria Union of Journalists (NUJ), News Agency of Nigeria (NAN) Chapel, emphasised that digital transformation is no longer a luxury but a necessity for the Nigerian energy sector to compete globally.
Speaking on the theme: “Unlocking the Potential of Nigeria’s Oil & Gas Sector and Promoting Digital Transformation,” Head of Economic Intelligence, Research, and Regulation, Major Oil Marketers Association of Nigeria (MEMAN), Ogechi Nkwoji, highlighted how the industry is evolving from early mechanical pumps to a tech-driven powerhouse.
Nkwoji stressed the need for adoption of key technologies including IoT forecourt automation for real-time sales tracking, AI-powered predictive maintenance for refineries, and blockchain for supply chain transparency.
She noted that while each tool addresses a narrow gap, their combined use creates “end-to-end visibility” and a “system-level change.”
She stressed that the benefits are tangible: better safety, higher efficiency, reduced financial losses, and easier regulatory compliance.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, expressed renewed optimism, citing recent reforms by the present administration. He highlighted the reinvigorated implementation of the PIA and an unprecedented 20 per cent growth in the oil and gas sector in the second quarter of 2025, a figure reported by the National Bureau of Statistics.
“This is not just a statistical milestone. It is evidence of renewed investor confidence and a turning tide for Nigeria’s energy future,” he said.
Although, he noted that while the PIA of 2021 was a historic milestone, its implementation has been uneven, plagued with multiple taxation regimes, overlapping levies, and frequent policy reversals particularly regarding fuel subsidy reforms and gas pricing, have created an unpredictable investment environment.
Yusuf said the government should ensure full implementation of the PIA to restore investor confidence.
Stressing that Nigeria’s oil and gas sector has immense potential, he said: “This is a decisive moment. Digitalisation is not a magic solution, but a powerful catalyst that can reduce risk, improve transparency, and attract new capital.”
Chairman, NAN Chapel of NUJ, Yunus Yusuf, urged operators to embrace innovation and collaboration to explore digital tools that can drive sustainable energy, empower communities, and redefine the future of Nigeria’s oil and gas sector.
