PENGASSAN Urges FG to Convert Oil Wealth into Jobs and Prosperity

Nigeria's oil and gas industry is facing a crucial challenge: converting vast petroleum resources into jobs, increased revenue, investment, and sustainable national prosperity. This was the central message of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the end of their 2026 Energy and Labour Summit.

The summit, which brought together government officials, regulators, oil and gas companies, investors, organised labour, and industry stakeholders, focused on regulatory uncertainty, investment, production, workers' rights, gas development, domestic refining, and host community relations. The association called for a stable, predictable, and competitive regulatory environment to attract long-term capital required to develop the petroleum industry.

PENGASSAN also advocated for smarter regulation backed by digitalisation, transparent processes, clear requirements, faster approvals, and better coordination among regulatory institutions. The association stressed that Nigeria must provide value from its petroleum resources through domestic refining, petrochemicals, gas processing, and other value-adding activities capable of generating employment, conserving foreign exchange, and stimulating industrial growth.

The summit urged the Federal Government to address outstanding issues concerning the implementation of the Petroleum Industry Act (PIA) and ensure that recent Executive Orders issued by the President are submitted to the National Assembly as an Executive Bill to amend the Act with adequate stakeholder consultation.