The director of the Department of Petroleum Resources (DPR), M.B Ladan, has given the latest figure of Nigeria’s oil and condensate reserve as hovering around 36.2 billion at a “Round Table On the Nigerian Economy” organised by NewsDirect in Lagos, saying that Nigeria has advanced in its oil sector development, producing about 2.1 to 2.3 million barrels daily from about 5,000 barrels per day in 1965.
Ladan, who was represented by Wole Akinyosoye, regretted that with the quantum of production the country rarely refine up to 100,000 barrels per day.
“We export oil without adding value to it,” he said, and warned that any oil taken out cannot be replaced as it non-renewable.
Ladan noted that what government is concerned with is rent collection on the product and where it did not find buyers the economy is threatened.
“It is like exporting raw materials; we have a large quantity of gas reserve of about 182.8 trillion standard cubic feet, but despite our misadventure in the past if we do what is right we can reposition the
economy,” he noted.
The director said that the country should not panic because of the falling oil price, “from oil we can get several other materials that can help develop our economy. We only have to change our policy of collecting rent but diversify the economy and look in particular at how we can add value to the oil. We need petrochemical industries to promote the plastic industry and industrial products, cosmetics, and fertiliser. Every barrel exported is exporting jobs meant for the people. Nigeria has no business exporting oil rather we should be exporting diesel and petrol; we should build refineries which typically spins off ancillary activities.”