Nigeria’s declining oil revenue appears destined to further nose-dive following the revelation that the United States of America has finally stopped the importation of crude oil from Nigeria due to the discovery of Shale oil and gas in commercial quantity in that country.

Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who disclosed this in Abuja yesterday, added that Nigeria has begun a search for alternative markets.

At an interactive enlightenment workshop on the Petroleum Industry Bill (PIB), the Group Executive Director (GED), Corporate Strategy and Planning at the Nigerian National Petroleum Corporation (NNPC), Dr. Timothy Okon, on behalf of the minister urged the country to adopt sustainable economic policies following the changes in global economy.

According to her, the prevailing global economic arena demands adaptation of policies.

Her words: “The global economy is changing and Nigeria must adopt a sustainable economic strategy. I know many of you must have heard about the Shale gas and the Shale oil revolution. This has knocked out Nigeria from the export to the USA. So Nigeria must adopt. We must change our ways and policies that we may hold dear which may cause us economic stress in the future. So this market there called the Shale oil and gas has resulted in Nigeria seeking new markets for its oil.”

The minister called for competitiveness in the sector, noting that there was the need for new policies to strengthen the industry.

She stressed the importance of natural resources in economic transformation, urging that it was important to diversify the economy.

Alison-Madueke again reiterated her call for the urgent passage of the PIB, saying: “The country expects to attain a vibrant economy due to initiatives such as gas price reform, gas commercialisation, gas infrastructure framework and other policies that are enshrined in the bill.”

She explained that the passage of the PIB would herald much job creation by restoring Nigeria’s industrial capacity.

The minister hinted that the gains from transformation agenda of the administration had already been demonstrated from the privatisation of the power sector.

She maintained that the country was looking forward to accessing investments in the power sector following its liberalisation.

In his speech, the Chairman, House Committee on Petroleum (Downstream), Dakuku Peterside, said the operators in the sector were expected to stop gas flaring three years after the passage of the bill.

He noted that the bill must stop pollution and emission from gas flaring when it takes effect.

According to him, the bill which has passed the second reading in both chambers of the National Assembly, is delayed partly because the lawmakers insist on doing a thorough job since the sector is critical to the survival of the country.

Peterside urged the labour movement to support the National Assembly to realise the passage of the bill.

Vice President of Nigeria Labour Congress (NLC), Issa Aremu, who chaired the occasion, advised the National Assembly not to wait for the congress to picket it before passing the PIB into law.

He described the PIB as one of the progressive laws that this democracy could give the citizenry.

To Aremu, if the bill becomes a law, it could culminate in the creation of 19 fresh companies from the unbundling of NNPC.

He noted that since the bill provides for local content, different sectors would engage Nigerians from different professional backgrounds.

In his submission, the Chairman, Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Lidum Mitee, recommended that there should be a clear definition of community in the bill before its passage into law.

He also urged the Federal Government to remit fund collected as penalties from gas flaring to the communities that suffer the environmental pollution.

•Adapted from a Guardian report. Photo shows Petroleum Minister Alison-Madueke fielding questions from journalists.