.Urges Govt To Increase Stake In Dangote Refinery
CHIGOZIE AMADI
The President of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Engr. Festus Osifo had called for greater integration of artificial intelligence (AI) and local ownership of refineries to boost energy security and address crude oil theft in the country.
This as it called on the Federal Government to increase its stake in Dangote refinery to 45 percent in order to foster product availability to meet local demands.
This resolution came at the conclusion of the 3rd edition of the PENGASSAN Energy and Labour Summit (PEALS 2024),
With the theme, “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment and Crude Oil Theft,” the summit brought together industry stakeholders to address key challenges facing the sector. Among the most pressing issues was the urgent need for technological advancements to combat crude oil theft and improve operational efficiency in the energy supply chain.
During a press briefing, Osifo outlined key resolutions from the summit, emphasizing that Nigeria must prioritize technology-driven solutions to safeguard its oil and gas industry.
“AI-powered surveillance, predictive analytics, and automated threat detection systems are no longer optional but essential to combat crude oil theft and ensure the integrity of our infrastructure,” Osifo stated. He added that the government must intensify efforts to restore the country’s four refineries, with private investors holding majority shares to enhance operational efficiency and ensure long-term energy security.
Osifo further called on the federal government to increase its stake in the Dangote Refinery from the current 7% to 45%, stating that this move would significantly boost domestic petroleum production and reduce the country’s dependence on fuel imports.
He also highlighted the importance of diversifying Nigeria’s energy mix to include renewable energy sources, noting that the summit stressed the need for investment in solar, wind, and hydrogen energy as the world moves toward a greener future.
The PENGASSAN president expressed optimism that with the right policies and collaborations, Nigeria’s oil and gas industry can overcome its current challenges. He urged all stakeholders to act swiftly on the summit’s recommendations to secure a sustainable energy future for the nation.
The next PENGASSAN Energy and Labour Summit is scheduled for August 2025.
