Nigeria’s President Muhammad Buhari sparked a storm at the end of September when he appointed himself oil minister for Africa’s most populous country.
His appointment followed corruption allegations of the previous oil minister, and in bid to assure investors, Buhari resolved to oversee the emotive ministry.
According to reports, the country has lost about 32 billion US dollars due to massive corruption that characterised oil sales by the Nigerian National Petroleum Corporation during the last administration.
The country’s senate has also been battling to pass the Petroleum Industry Bill and analysts believe the bill will also help unlock challenges facing the sector.
“By taking the role of Petroleum minister himself, President Buhari is guaranteeing that there will not be uncertainty around the regulatory framework,” Amy Jadesimi, Managing Director of Ladol told CNBC Africa.
She added that, the move was part of fulfilling electoral promises Buhari made during his Presidential campaign.
“This has given tremendous confidence to the international community especially around the oil and gas sector,” added Jadesimi.
Jadesimi is positive of future prospects in the sector with inspiring political leadership from Buhari.
“With the public sector doing its job, we are going to see a tremendous activity in the oil and gas sector in the next four years.”
Nigeria has been making headlines especially in the oil sector, this has sent jitters in Africa’s largest economy.
The recent PwC report confirmed concerns over investing in the economy and highlighted four main concerns which are: infrastructure, corruption, lack of regulatory framework and transparency.
Jadesimi also dismissed the suggestion that the failure to pass the Petroleum Industry Bill was hindering improved investment in the sector.
“I think the Petroleum Industry Bill (PIB) has become a red herring; all of us would like to see it being passed, the lack of the PIB did not stop Total from going ahead with three major block development,” said Jadesimi.