President Muhammadu Buhari on Thursday inaugurated the National Oil and Gas Excellence Centre (NOGEC) Lagos, aimed at strengthening Nigeria’s position as a regional leader in the oil and gas industry.

Buhari said the establishment of NOGEC, situated at the Lagos Annex of the Department of Petroleum Resources (DPR), would enhance safety, value and cost efficiency in Nigeria’s petroleum sector.

He said: “NOGEC aligns with the administration’s commitment to fostering stability, growth and sustainability of the Nigerian oil and gas industry for economic development.

“You will recall that at the inception of this administration, we set a clear road map for the oil and gas sector in order to increase revenue.”

The President said the centre would boost the nation’s Gross Domestic Product (GDP), generate employment and poverty reduction.

“It is therefore another milestone in the development of the oil and gas sector and its utilisation for the greater good of the country.

“The establishment of NOGEC is an indication that the Nigerian oil and gas industry has come of age despite the odds,” he added.

He said the Federal Government had made some significant achievements in the oil and gas industry in spite of the impact of the COVID-19 pandemic which affected global economies, including Nigeria’s, in 2020.

The achievements, Buhari said, included the signing of the Final Investment Decision on the Nigerian Liquified Natural Gas Company Train 7, construction of the Ajaokuta-Kaduna-Kano gas pipeline project and inauguration of the 5,000BPD Waltersmith Refinery in Imo State.

“While acknowledging our achievements, we must not relent but redouble our efforts to combat the challenges of global energy dynamics.

”I, therefore, urge you all to rededicate yourself to nation building and take advantage of the establishment of the centre to address the challenges confronting the sector.

”On our part, we will spare no effort to ensure that Nigeria benefits hugely from its natural resources.