Many aspects of the NNPC can be commercialized--Eromosele

Eromosele

For Nigeria to derive maximum benefit from its oil and gas sector, some sections of the NNPC should be commercialized.

A consultant in the Oil and Gas Sector, Mr. Victor Eromosele made the submission in a lecture for journalists at the Pan Atlantic University, Lagos.

He said, the outright privatization of the NNPC as some people have called, was not the panacea for the problem in the country’s oil and gas sector.

According to him, what privatization could do was to solve some problems, but in the process creates a lot more problems.

Mr. Eromosele who spent over 30 years in the oil industry said the best option was for the country to emulate other progressive nations including Norway and Saudi Arabia, who commercialised some sections of their national oil companies.

He also said, in addition to the partial commercialization, the new NNPC should be autonomous to do business, as well as be under strong oversight to ensure transparency and accountability.

Eromosele said too much bureaucracy, government interference and much demand on the NNPC by government were some of the things that undermined the performance of the NNPC.