Renaissance Oil and Gas CEO Tony Attah called for greater collaboration among Nigeria’s oil industry stakeholders to drive growth and address a 30% production decline since 2020.
Speaking at an energy summit in Abuja, Attah emphasized partnerships between local firms, multinationals, and government to unlock $20 billion in untapped reserves. Nigeria’s oil sector, contributing 8% to GDP, produced 1.3 million barrels daily in 2024, down from 2 million in 2019, due to underinvestment and vandalism.
Attah highlighted Renaissance’s $500 million modular refinery, set for 2026 completion, as a model for local refining, reducing Nigeria’s 90% reliance on imported fuel. He urged alignment with Dangote Refinery, which supplies 60% of domestic petrol, to boost output. The sector faces a $10 billion annual investment gap, with only 20% of 37 billion barrels of reserves exploited. Renaissance’s collaboration with NNPC and Shell, yielding 50,000 barrels daily, demonstrates potential, but 40% of pipelines remain vandalized.
Critics, including 25% of energy analysts, argue government policies favor foreign firms, with 70% of contracts awarded to Exxon and Chevron. Attah’s call for local content, mandating 40% Nigerian participation, aligns with the 2020 Petroleum Industry Act but faces delays, with only 15% compliance. Nigeria’s $400 billion economy risks $5 billion in losses without reforms, as oil prices hover at $95 per barrel amid global tensions.
The CEO’s vision, backed by 80% of industry leaders, includes training 10,000 engineers by 2027, leveraging Nigeria’s 50% youth population. Renaissance’s $100 million STEM fund supports this, but 30% of rural communities lack access to such programs. As Nigeria aims for 2 million barrels daily by 2030, Tinubu’s push for unity could reshape the sector, critical to the $1 trillion economy goal.
