The Minister of State for Petroleum Resources, Lokpobiri Heineken, has disclosed that the economic downturn confronting the country can be addressed by the oil and gas sector.

He made the disclosure at the Gala Dinner of the ongoing Nigeria Oil and Gas (NOG) Energy week in Abuja on Tuesday.

The Minister said, “The oil and gas sector has been a significant contributor to Nigeria’s economy and relying solely on this sector to solve economic challenges in terms of expanding the sector to include petrochemicals, refining, and manufacturing can create new revenue streams and reduce dependence on crude oil exports.”

According to him, investing in new technologies and infrastructure can boost oil and gas production, leading to increased revenue thereby improving the economy.

He encouraged local content and value addition in the sector creating  millions of jobs and stimulating economic growth.

“Effective management of oil and gas revenues, such as investing in sovereign wealth funds, can provide a cushion against economic shocks.

“Encouraging local procurement, services, and manufacturing in the sector can create economic linkages and stimulate growth.Fostering a business-friendly environment to attract investment and drive growth.”

The Minister added that adopting a comprehensive approach that includes both the oil and gas sector and other sectors, Nigeria can more effectively address its economic challenges.