By the token of its reckoning and standing in both local and international calculations the release of the rebased Gross Domestic Product (GDP) has put Nigeria’s economy as the strongest in Africa and the 26th strongest economies of the world. And it has also in the same breath put a lie to the fallacy and lies of those who keep on drumming the platitude that Nigerian economy is still in the doldrums in spite of all the efforts of President Goodluck Jonathan’s administration to re-engineer it through its Transformation Agenda.
For whether anybody wants to accept it or not, the potentials and prospects that this rating holds out for our economy in terms of foreign direct investment are enormous. And can provide the step through which our nation can ascend to economic buoyancy. We regale with pride at this development to the consternation and frustrations of all those who do not believe that any good can come out of Nazareth and those who snide and deride at all the good efforts of President Goodluck Jonathan and his ministers, especially Mrs. Diezani Alison Madueke, the nation’s minister of petroleum resources.
This rebased GDP has also revealed the lie of those who insist that the nation’s apex oil industry, the Nigerian National Petroleum Corporation (NNPC) and by extension its parent ministry, the Ministry of Petroleum Resources are riddled with corruption to the extent of not being able to remit billions of dollars into the federation account.
Pathetically, these amorphous bands of critics have consistently taken on the person and office of Mrs. Diezani Alison-Maduke as their drum beat of war on corruption in an ever-increasing hypocritical and queer politicisation of issues at stake. No shade of mud is too big or too small to hurl at her. Neither is any accusation or false claim considered unscrupulous to lay against her in their attempt to drown her good deeds and efforts at the Ministry of Petroleum Resources aimed at repositioning the oil sector to play its role as the base of Nigeria’s financial resources.
For if truth be told, it is from the oil sector that monies are made that government use to enhance the other sectors of our economy like agriculture, telecommunications, housing, finance and insurance, food, beverages and entertainment industry that have made appreciable impact in the rebased GDP. The oil and gas sector has also provided the much needed fund to build roads, hospitals, electricity, and schools among others for the good of the people.
These self-acclaimed critics earlier mentioned, in their lopsided and vaunted war against corruption will leave the log in their own eyes to insist that the speck they imagined they saw in someone else eyes must be removed or heavens will fall. And they do it with pontifical verities and magisterial finality.
But the good works of Mrs. Diezani Alison-Madueke are beginning to bear witness for themselves. For as much as we can remember, the nation has never had a more steady supply of petroleum products under any recent minister of petroleum resources more than we are getting now under Diezani Alison-Madueke, and by larger implication the administration of President Goodluck Ebele Jonathan.
In spite of the challenges of oil and facilities vandalism, crude oil and petroleum theft, ageing pipeline system, inadequate and obsolete petroleum laws, project funding problems, security issues and inadequate manpower facing the ministry, the oil and gas sector under her expert watch has continued to record a significant success story.
A result that she believes will be made more manifest when the Petroleum Industry Bill pending before the National Assembly is passed into law. This bill is among other things aimed at enhancing transparency in the country’s oil and gas sector, as well as reducing government interference in the operations of the Nigeria National Petroleum Corporation (NNPC). It will also increase foreign direct investment (FDI) to the country and offer more job opportunities to the youths.
There have also been great efforts being made to encourage government private partnership in the building of new oil refineries to bring to an end the importation of refined products into the country. President Goodluck Jonathan has since commissioned the Orient Petroleum Refinery in Anambra State, while the government has signed a memorandum of understanding (MoU) with some Chinese investors to build refineries in Kogi, Lagos and Bayelsa states respectively. Another is the partnership of private United States and Nigerian companies with the federal government to build six refineries in modular forms at the cost of $4.5billion. And Africa’s richest man, Aliko Dangote has announced plans to establish a fertiliser and petrochemical plant with refinery components in Ogun and Ondo states, which will cost $9billion.
