How media can help shape Nigeria’s economic growth- Ex-NAN DEIC

A former Deputy Editor-in-Chief of the News Agency of Nigeria (NAN), Mr Goddy Ikeh, on Monday, underscored the need for the media to join in shaping the nation’s economic growth for a greater Nigeria.

Ikeh, made this known at a one-day training for journalists held at the Lagos Airport Hotel, Ikeja.

Our correspondent reports that the training was sponsored by Chevron in collaboration with the Nigeria National Petroleum Corporation (NNPC).

The training was themed: ‘ Shaping Nigeria ‘s Business and Economic Growth: Insights from the Media’.

His lecture was titled: ‘ Unlocking the full Potentials of Nigeria’s Oil & Gas Sector for Sustainable Economic Growth’.

Ikeh stated that for several decades, the Oil and Gas sector has been the mainstay of Nigeria’s economy and also examined the progress made over the years, its challenges as well as how best to unlock its potentials.

According to him, Nigeria’s average daily crude oil production had in June this year, exceeded the Organisation of Petroleum Exporting Countries (OPEC) ‘s quota of 1.5 million barrels per day.

He said that in May, the nation’s crude output stood at 1.45mpd, while both crude and condensate were 1.65mbpd, adding that the output is still below the targeted 2.06mbpd projected in the 2025 budget.

”Speaking recently on oil production, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr Bayo Ojulari, said that Nigeria was ramping up production with a medium-term goal to hit 2.06 million barrels per day by 2027,” Ikeh said.

He said that in spite of the contributions of Oil and Gas Agencies and local operators to the feat achieved so far, there were still challenges confronting the industry.

Ikeh identified some of these challenges as: “Infrastructure, absence of a well-integrated gas network, lack of a unified pricing structure for both petroleum products and gas across the Nigerian markets.

“Absence of adequate capacity building structures, deficit in essential Infrastructure, inadequate environmental remediation measures, gas flaring, lack of reservoir maintenance strategies, crude oil and petroleum products theft, among others.”

He underscored the role of the media in helping to shape the narrative, through reportage and information to the public.

Among others, he called for effective coverage of the oil and gas sector, ensuring that projects in the sector were executed timely, ensuring that industry players are accountable, as well as monitoring execution of projects in the industry

Meanwhile, in his recommendation, he underscored the need for greater collaboration among stakeholders, government, regulators, investors and communities to build and sustain the current momentum in the industry.

“Integrating assets across the gas value chain and adopting capital-efficient models to deliver long-term value should be pursued.

“Nigeria needs to maintain government investment in the oil and gas sector, while striving to meet pressing social needs,” Ikeh said.