THE leadership of Famfa has said that the current reforms in the oil and gas sector are expected to have a far-reaching impact on revitalizing the Nigerian economy if properly implemented.
Speaking on a CNN monitored programme titled: “One World with Zain Asher”, Vice Chairman of Famfa, Dr. Folorunsho Alakija, pointed out that as part of the structural adjustments to ramp up oil production, the government has introduced reforms such as the marginal field rounds, the Petroleum Industry Act (PIA) and the transformation of the Nigerian National Petroleum Corporation (NNPC) into a limited liability company.
Speaking further, she said in view of the last marginal field rounds which is as a result of International Oil Companies (IOCs) divesting from some of their assets in the country, the industry now has more indigenous players, which will help the economy.
On the impact of oil subsidy on the Nigerian economy, she was optimistic that the Dangote Petroleum Refinery, would bring a positive change in the story of subsidy and refining when operational later this year, such that the country will not have to import as much as it currently does.