Speaker House of Representatives Hon. Femi Gbajabiamila

Paschal Emeka, Abuja

The Speaker House of Representatives Hon. Femi Gbajabiamila has noted that the Legislative Transparency and Accountability Summit is important to legislators and policymakers to gain valuable insights into the issues and achieve clarity of actions needed to achieve greater transparency and accountability in the oil and gas industry.

He noted that with the evolving global paradigm, the oil and gas industry still faces unique challenges here at home due to theft and various acts of economic sabotage resulting in a massive decline in crude oil production and export volume.

The Speaker informed us that the world is moving towards a future where the economic value of oil and gas is far diminished from what it used to be.

Hon. Gbajabiamila made the remarks at the Legislative Transparency and Accountability Summit organized by the House Committee on Anti-corruption at Transcorp Hilton, Abuja on Wednesday.

The theme of the event was ‘Enhancing Transparency and Accountability in the oil and Sector’

According to Hon. Gbajabiamila advancements in technology will reduce the global demand for fossil fuels and technology is increasing global supply by making it easier to access new deposits of shale oil and access fossil fuels in previously hard-to-reach places.

The Speaker, however, observed with concern that “our country is the victim of bad actors determined to achieve great personal wealth at our collective expense.

“At a time of severe financial constraints, the perpetrators of this brazen heist threaten our ability to meet the demands of governance, and nation-building.

“Their actions effectively amount to treason against our country, for which they must be held accountable.

“At the same time, we cannot be ignorant of global trends and we cannot wish the facts away. And the reality is that the best days of the fossil fuel industry are not ahead; they are long past.

“There is a coming, and some might say, ongoing shift in the global policy conversation about the economics and regulation of the oil and gas industry.

“We must be clear about how these changes affect us and what we need to do so that we are not left behind.

He further said that the Summit is organized to enable stakeholders to engage in frank discussions about the future of the country’s oil and gas industry.

“Whereas predictions abound about the coming terminal global decline of the industry, we are under no obligation to facilitate that outcome. Our objective must be to use public policy instruments to improve the industry’s outlook and maximize its potential for however long that is possible.

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