Renowned petroleum economist, Professor Omowumi O. Iledare, has called on Nigeria’s oil and gas policymakers to focus on translating policy efforts into measurable performance outcomes, urging a shift from what he termed “announcement economics” to “execution economics.”
Speaking as a guest analyst on TVC News in a segment titled “Improved Investments in Nigeria’s Oil and Gas Industry: Where Is the Beef?”, Professor Iledare noted that while investment reforms and policy pronouncements have been visible, their tangible impacts on production output, job creation, and value retention remain limited.
“When we speak about investment in Nigeria’s oil and gas industry today, we must separate effort from outcome,” he said in his opening remarks.
“There is no doubt that policy makers and operators have made visible efforts — bid rounds, executive orders, and improved business narratives — but the key question is: where is the beef? Despite these efforts, actual investment traction remains thin, production targets lag, and investors are still waiting for policy stability, fiscal clarity, and credible governance,” he pointed out.
Professor Iledare, who is Professor Emeritus of Petroleum Economics, Principal Facilitator at FUPRE Energy Business School, and Executive Director of the Emmanuel Egbogah Foundation, also observed that crude oil production continues to hover around 1.3 million barrels per day — far below Nigeria’s potential capacity of 2 million barrels — while the “Decade of Gas” agenda still struggles with infrastructure and pricing hurdles.
In his closing remarks, Iledare emphasized the urgent need for Nigeria to rebuild investor confidence through transparency, consistency, and accountability across all institutions implementing the Petroleum Industry Act (PIA).
“Effort without measurable outcome cannot sustain growth,” he said.
“The test of success lies in execution, not expression. Nigeria must move from policies that promise growth to actions that create real value for Nigerians. In the end, the true wealth of a resource-rich nation is not in barrels produced but in value retained and lives transformed.”
The discussion, moderated by TVC’s anchor, highlighted Nigeria’s evolving investment climate, the performance gap in the petroleum sector, and the practical reforms needed to unlock value creation through effective governance.