BusinessDay

Nigeria’s Petroleum Ministry announces new dates for NIPS 2021

The Minister of State for Petroleum Resources, Chief Timipre Sylva has announced new dates for the 2021 Nigerian International Petroleum Summit (NIPS). The official Oil and Gas meeting of the Federal Republic of Nigeria which will now take place in Abuja from June 6th to 10th, 2021.

“We have had to re-consider the dates in light of the current global pandemic”, Sylva said in a special video broadcast on some television stations and which was also shared the Petroleum Ministry’s official social media handles.

The theme of the summit, “From crisis to opportunities: New approaches to the future of hydrocarbons” aims at charting the way forward for Africa’s oil and gas industry in the post-Covid-19 pandemic era.

Read Also: Lessons from Covid-19: Getting Africa ready for the next pandemic

The Minister of State for Petroleum Resources said that “while it has been a challenging year for the oil and gas industry due to the impact of the COVID- 19 pandemic, the crisis also provides us with the opportunity to re-define our industry for transformative moments.”

The COVID-19 pandemic has indeed engulfed the global economy especially the oil and gas industry. The global level travel bans along with grounding of international flights led to heavy reduction in consumption of aviation fuel across the globe. Partial and complete lockdown strategy which was used to deal with the pandemic further curtailed industrial and commercial activities thereby reducing consumption of fuel further and pushing the oil prices down to $23.36 at a point.

“Let us all, therefore, come together under the platform of NIPS 2021 in our quest to return to the attractive industry performance that lifted the entire economy over the years,” Sylva added.

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