The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus Osifo, has called for greater stability, policy consistency and stronger collaboration among government, regulators, operators, investors, workers and host communities to unlock Nigeria’s vast energy potential.
Osifo made the call on Thursday in Abuja while delivering his opening remarks at the 5th edition of the PENGASSAN Energy and Labour Summit.
He said Nigeria was not short of resources, talent or market opportunities, but faced the challenge of converting its enormous potential into actual production, investment, jobs, industrial growth and export value.
According to him, the country’s energy sector has the capacity to play a major role in meeting Africa’s future energy needs, but this would only be achieved through sustained reforms and collective action.
“Nigeria does not lack potential. We have resources, talent, industrial history, strong raw materials and energy demand. Nigeria has a role to play in meeting Africa’s future energy needs.
“The real challenge is conversion — converting potential into production, potential energy projects into power, energy, industry and exports, and reforms into real investments,” he said.
Osifo stressed that instability in the industry does not only affect companies, but also has consequences for government revenue, employment, host communities and investor confidence.
He therefore called for a stable operating environment, noting that responsibility for stability rests with all stakeholders.
He said government must provide clear policies and regulations, regulators must ensure predictable implementation, operators must maintain investment discipline and safety standards, while labour and host communities must contribute through constructive engagement and shared responsibility.
“Industry harmony is not only about labour matters. It is about business and labour working together for safety, production, investment and people development,” Osifo said.
He added that Nigeria must provide an environment capable of competing for global capital, stressing that long-term jobs would require long-term investments and sustainable businesses.
The PENGASSAN president also underscored the importance of the country’s energy transition, saying Nigerians need cleaner, reliable, stable and affordable energy.
He said the transition must be “just” and support innovation, industrialisation and economic development, particularly as energy demand continues to rise.
Osifo commended recent reforms in the oil and gas industry, including the Petroleum Industry Act and measures aimed at improving the investment climate, saying they had helped to send positive signals to investors.
He, however, said the reforms must be sustained and translated into actual projects and increased production.
He particularly highlighted the need to revive exploration, warning that declining exploration activity could eventually lead to declining reserves and production, with serious consequences for employment and government revenue.
The PENGASSAN president also emphasised the importance of gas development, describing gas as critical to Nigeria’s industrialisation, power generation and domestic economic growth.
He said reducing emissions, particularly methane emissions, could also help Nigeria recover and commercialise gas that would otherwise be lost.
Osifo further called for stronger collaboration between labour, government, regulators, operators and communities, saying the future of the industry depended on trust and collective responsibility.
He said PENGASSAN would continue to provide a platform for discussions on policy, labour, investment and national development, stressing that the challenges facing the country’s energy sector required all stakeholders to work together.
