The African Energy Council (AEC) has raised concerns that the continued wave of media trials, investigations, and public scrutiny in Nigeria’s oil and gas industry is doing more harm than good, warning that such patterns are hampering growth and undermining investor confidence.
In a statement released by the Council, it pointed to recent controversies involving the Nigerian National Petroleum Company Limited (NNPC) as an indication that the country must reassess its priorities if it intends to revitalise the sector.
The remarks follow an incident reported last week, where an online news outlet covered a protest group calling for the investigation and prosecution of former NNPC Group Chief Executive Officer, Mallam Mele Kyari.
Shortly after, the same coalition withdrew its demands and reversed its position, stating that it no longer supported an inquiry into Kyari’s tenure.
Responding to the situation, the AEC remarked that Nigeria is once again at a turning point and must resist the temptation to be sidetracked by cycles of accusations that ultimately achieve little.
“As headlines once again shift to allegations and inquiries concerning NNPCL leadership, there is a pressing need to pause and evaluate our national priorities,” the Council stated.
“This is not the first time Nigeria has seen such high-profile scrutiny in the petroleum industry. From the widely publicised cases involving former Minister Diezani Alison-Madueke to the arrest of ex-NNPC Group Managing Director Andrew Yakubu, the country has repeatedly launched probes that have generated considerable media coverage.”
The Council observed, however, that these investigations have not led to significant improvements in operational performance, governance standards, or investor sentiment within the industry.
Rather than expending energy on recurring inquiries, the AEC recommended that efforts should instead be directed toward increasing oil production to meet fiscal targets.
“Currently, Nigeria’s output hovers between 1.4 and 1.6 million barrels per day—well below the 2 million bpd benchmark set in the national budget and beneath its OPEC quota,” the statement read.
“Simultaneously, the country’s four state-owned refineries continue to fall short of expectations, despite protracted rehabilitation efforts and over ¦ 4 trillion in spending.”
The Council stressed that Nigeria’s core problem is not merely one of accountability but of effective institutional performance. It warned that with global investment in oil becoming more selective amid the energy transition, Nigeria cannot afford distractions.
Implementation of the Petroleum Industry Act (PIA), the Council noted, is still in its infancy, and its success will require steady leadership, clear policy signals, and focused reforms that deliver tangible results.
“The AEC therefore urges a shift in national attention toward goals that provide direct benefit to the Nigerian public,” it said.
Specifically, the Council advocated for an increase in oil production to exceed the two million bpd mark in order to enhance government revenue and foreign exchange generation.
It also pushed for the completion of refinery rehabilitation projects to reduce Nigeria’s dependence on imported fuel and restore value in the downstream segment. In addition, the Council emphasised the need to rebuild investor and partner confidence by ensuring regulatory clarity and institutional stability.
While backing the importance of accountability, the AEC advised that this must not come at the expense of operational progress.
“This is not to deny the role of oversight or the importance of reform,” the statement concluded. “But Nigeria must be wary of mistaking constant motion for meaningful progress. A sustainable future for the country’s energy sector will not be forged in courtrooms, it will take shape in control rooms, boardrooms, and oilfields.”
SOURCE: nigeriannewsdirect.com