By Theresa Igata

The Vice President of Nigeria, Prof Yemi Osinbajo has advocated for a focus on a common approach through local content and sustainable policies among West Africa member states for the promotion of hydro carbon resources’ value addition, saying it is only through this that the whole of Africa will benefit from the economies of scale associated with our vast resources.

According to Osinbajo, “the hydro carbon industry presents the most obvious way of paying for the development of African countries; fortunate to have these resources, but in many cases it seemed we have not delivered on that promise. The economic threats to our countries are existential and real. At a time we should be investing in the sector, finding the resources to do so is a challenge”.

The Vice president who was speaking at the opening ceremony of 6th African Petroleum Congress and Exhibition with the theme: Positioning African Petroleum for Global Value addition said that members of the congress must recognise that the development of local refining capacity in the oil and gas is critical to sustainable economic growth across the continent.

He added further that Africa must explore mechanisms to expand its regional refining capacities in an efficient and cost effective manner, but that working hand in hand and with the resources at our disposal the continent can develop all the necessary capacities it needs to develop the oil and gas industry. “There’s no reason why the Africa oil and gas industry should remain tied to the apron strings of oil industries elsewhere”, he said.

Also speaking on the issue of gas flaring, Osinbajo said that while it is important that the continent focuses on its hydro carbon resources, it has also become imperative that the continent takes a firmer stand on gas flaring from an environmental and risk of losing resources perspective.

“Globally over 150bncm of Associated Gas is flared annually of this figure Africa flares an estimated 40mncm and about half of that is flared by Nigeria. Nigeria is a member of the World Bank Global Gas Flaring Reduction Partnership and with the help of the legislators we signed an agreement on zero routine flaring by 2030, although. There’s no doubt that it’s important for all APCE members to set realistic targets for gas flared in the region”, he said.