PENGASSAN calls for engagement to safeguard oil sector stability 

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for continued stakeholder engagement following the Federal Government’s executive order restructuring oil and gas revenue remittances.

PENGASSAN President, Mr Festus Osifo, made the call on Thursday in Lagos during a news conference on the executive order and its implications for the oil and gas industry.

Osifo said it was important to sustain stability and investment in the sector.

He noted that the industry remained central to Nigeria’s economic stability and emphasised the importance of policy clarity to sustain investment momentum and operational confidence.

Osifo explained that the Petroleum Industry Act (PIA), enacted in August 2021, was designed to provide regulatory clarity, improve fiscal transparency and strengthen investor confidence after years of declining investments.

“We worked with stakeholders and legislators to ensure a law that would stabilise the industry and incentivise global investment,” he said.

According to him, sustained collaboration among government, regulators, operators and labour unions remains essential to maintaining growth and competitiveness in the sector.

“There is intense global competition for investment capital, and policy clarity helps Nigeria remain an attractive destination,” the president  added.

He noted that the oil and gas industry had supported Nigeria’s economy for decades, accounting for a significant share of foreign exchange earnings and government revenue.

Osifo emphasised that protecting the sector’s stability is closely linked to safeguarding jobs and livelihoods across the value chain.

“This industry must continue to grow. When the industry grows, jobs are protected and the broader economy benefits,” he said.

He stressed that continued dialogue and policy alignment would help preserve the gains recorded in recent years and strengthen long-term investor confidence.

“We must sustain the progress achieved and ensure that reforms continue to support growth, efficiency and national development,” he said.

Osifo said stakeholder cooperation and policy consistency would help ensure long-term growth, operational efficiency and investor confidence in Nigeria’s oil and gas sector.