Nigeria retains FX to drive $1tr economy

Petroleum Technology Development Fund (PTDF)

…pushes to domestic foreign scholarships

Nigeria  is pushing to retain the foreign exchange spent to drive oversea scholarships in the oil and gas as part of efforts to support the Federal Government’s ambition of building a $1 trillion economy.

While Nigeria spends billions in foreign scholarships year through the Petroleum Technology Development Fund (PTDF), the agency said yesterday said  efforts have been finalised to strengthen Nigeria’s human capital, research and technical capacity locally.

The agency is repositioning the newly renamed General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology in Kaduna as a strategic centre for advanced research, innovation and manpower development in the energy sector.

PTDF Executive Secretary, Professor Shu’aibu Shehu Aliyu, disclosed this yesterday during the inauguration of a nine-member committee for the system review of the university at its Kaduna campus.

Aliyu said the review was in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the 2026–2030 National Development Plan, which seeks to accelerate economic growth and transform Nigeria into a $1 trillion economy.

He said the committee would undertake a comprehensive assessment of the university’s governance structure, academic programmes, research capacity, infrastructure and operational systems, with the aim of repositioning it as a globally competitive institution specialising in geological sciences, engineering, petroleum, energy and other strategic technologies.

Aliyu also commended President Tinubu for approving the renaming of the institution, formerly known as the Centre for Petroleum and Energy Studies, describing the decision as evidence of the administration’s commitment to strengthening Nigeria’s capacity in the energy sector.

He said PTDF’s programmes were designed to support the development of the skilled workforce required for major energy projects and the expansion of indigenous participation in the industry.

According to him, PTDF operates the Centre for Skills Development and Training in Port Harcourt, which provides internationally recognised vocational and technical training for technicians, artisans and craftsmen across the oil and gas value chain.

He added that the Kaduna university, which has secured a licence from the National Universities Commission (NUC) to operate as a postgraduate institution, would provide advanced education and research through partnerships with leading universities in the United Kingdom.

Aliyu said the partnership model would enable Nigerian scholars to undertake part of their doctoral studies locally and complete the remaining portion at partner universities in the UK.

“This approach reduces capital flight, strengthens local institutions and enhances the domestication of training programmes while adhering to international standards,” he said.

He added that PTDF was also working to accelerate the full digitisation of the university to improve administrative efficiency and facilitate blended learning.

He said developing the workforce required for such projects was critical to reducing dependence on foreign expertise and ensuring that Nigeria derived greater economic value from its energy resources.

Chairman of the review committee and former Secretary-General of the African Petroleum Producers’ Organization (APPO), Dr Omar Farouk Ibrahim, described the assignment as timely.

Ibrahim said Africa needed to develop indigenous technological and research capabilities as the global energy transition continued to reshape investment in the petroleum industry.

He noted that declining investments in oil and gas education and research by some institutions in Europe and North America had made it increasingly important for African countries to build their own expertise to develop their vast hydrocarbon resources.

He assured PTDF that the committee would produce practical recommendations capable of transforming the university into a world-class institution serving Nigeria and the wider African continent.

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