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The Democrat News > Blog > Uncategorized > Oil Continues to Play a Vital Role in Nigeria’s Economic Stability – SPE”
Uncategorized

Oil Continues to Play a Vital Role in Nigeria’s Economic Stability – SPE”

Esther Udoh
Last updated: April 11, 2025 3:58 pm
Esther Udoh
Published April 11, 2025
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The Society of Petroleum Engineers (SPE) Nigeria Council emphasized that despite the global shift toward renewables, oil and gas will remain critical to Nigeria’s economic stability, energy security, and industrial growth for the foreseeable future. At the 2025 Oloibiri Lecture Series and Energy Forum, SPE Chairman Engr. Amina Danmadami highlighted that sustainability should focus on optimizing existing systems through technology, not replacing them.

She noted that innovations such as digital oilfields, AI-driven maintenance, and enhanced recovery methods can boost efficiency, reduce environmental impact, and strengthen asset integrity when supported by strategic investments and policies.Engr. Amina Danmadami emphasized the crucial role of policy in shaping Nigeria’s oil and gas sector, noting that the implementation of the Petroleum Industry Act (PIA) marks a significant reform milestone. She urged stakeholders to align their operations and investments with the PIA to foster transparency, efficiency, and investor confidence.

She also stressed the importance of strengthening supply chains—highlighting local content, procurement integrity, and logistics—as key to competitiveness and continuity. Danmadami described the Oloibiri Lecture Series and Energy Forum (OLEF) as a longstanding platform for dialogue and innovation, commemorating Nigeria’s first oil discovery and uniting key players across sectors for reflection and strategic action.

This year’s theme, “Driving Energy Sustainability Through Technology, Policy, and Supply Chain Excellence,” reflects current realities in the oil and gas sector, said SPE Chairman Engr. Amina Danmadami. She added that the forum is designed to spark practical discussions and actionable insights, featuring distinguished speakers and panelists for in-depth engagement and knowledge sharing

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