The Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Engr. Gbenga Komolafe, said the commission has fostered social inclusion with broader sustainability and community development goals.
Komolafe stated this while delivering keynote address during a summit of political and economic stakeholders from the oil-rich community of Ilaje, in Ilaje local government area of Ondo state.
Speaking on the theme: A Unified Vision For Ondo State: Political and Economic Renaissance for Sustainable Development” said the summit is out together to strengthen the positive social impact of the oil and gas industry across regions.
Komolafe said “the Commission has also fostered social inclusion aligning with broader sustainability and community development goals, strengthening the positive social impact of the oil and gas industry across regions.
“By effectively implementing the host community provisions of the PIA, NUPRC has reinforced the principle that resource-rich communities should directly benefit from their natural wealth.
“Accordingly, the commission has so far registered a total of 154 Host Community Development Trusts out of which 137 have been incorporated by the CAC to enable funding that will go directly into sustainable host community development.
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“This approach can also be adopted in other areas of resource development including bitumen and other solid minerals in Ondo to ensure harmonious co-existence of the licensees and their hosts”
He said that the state is suitably positioned to become an economic powerhouse in the unfolding global energy dynamics given its population of over five million people and abundant natural wealth.
“It then behoves the government, prospective investors and all energy and mining industry stakeholders in Ondo State and Nigeria to accept the deliberations, suggestions and recommendations made throughout the course of this Summit as a call for action and a charge for enhanced collaboration.
“This collaboration is needed in unlocking the vast opportunities for leveraging our energy resources and market potential in positioning Ondo State and our dear country, Nigeria, as a regional energy hub”
He said the commission has unveiled huge investment opportunities in the upstream while the studies aggregated gas demand and supply views, infrastructure requirements, saying the suitable pricing framework will serve as the enabler for unlocking the investments required to drive convergence of gas demand and supply.
“That work reveals that growth in gas demand outstrips supply, highlighting significant opportunities for investment in gas
“So, we need to take deliberate actions to formulate and implement policies that will promote partnerships and enable investments in solar, wind and green hydrogen energies, as well as embark on aggressive initiatives that will fast-track foreign direct investment into the mineral sector.
“This will surely move Nigeria, and of course Ondo State, some steps closer to achieving our Sustainable Development Goals (SDGs)” he said.
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