Prominent Senior Advocate of Nigeria, Olisa Agbakoba, has advised President Bola Tinubu to undertake a comprehensive revamp of the nation's oil and gas sector in order to boost its effectiveness.
Agbakoba, speaking during a media briefing, also raised concerns about the looming threat of a food crisis due to widespread poverty in Nigeria.
According to a report by Channels Television, Agbakoba highlighted the immense potential of Nigeria's oil and gas resources and the significant revenue they bring in, while also shedding light on the various critical issues afflicting the sector.
These challenges include the marginalization of Nigerians in key areas like exploration, shipping, drilling, and legal services, as well as ineffective enforcement of local content regulations.
He also pointed out problems such as tax evasion by oil rig companies and the dominance of foreign interests in the sector.
Agbakoba recommended a holistic approach to address these issues, suggesting that President Tinubu should streamline his cabinet and appoint a dedicated petroleum minister.
This minister would be tasked with formulating sound policies and ensuring rigorous oversight of the sector.
Agbakoba stressed the importance of conducting transparent and regular audits to boost revenue generation.
Furthermore, Agbakoba highlighted the potential for job creation through these reforms, projecting that they could lead to the establishment of between 500,000 to 1 million new jobs within the oil and gas industry and its related sectors over the next decade.