The collection of more taxes and effective blocking of revenue leakages remained the best measures that would drastically cut external borrowing and reduce the high debt burden of Nigeria, the Federal Government said, yesterday. He urged government to sell majority stake to private sector and let NNPC be a minority shareholder. “Unfortunately, some of those establishments that are government-run have not done very well”, he said. “So the oil industry itself is not one that creates a lot of jobs but the pinups from the industry, gas into petrochemicals, gas into power, gas into manufacturing create a lot of jobs. If the Port Harcourt refinery was working it would create more jobs for the youths. “Government’s interference, government’s lack of support in making sure that these establishments were created. He observed that the private sector-driven companies such as Eleme Petrochemical, were doing well, “ but you come to government-owned establishment, you find that the ability to sustain those plants like the refinery is lacking, why? Can you imagine if that plant had succeeded, the number of people that would be employed? But that huge complex is lying waste and there are many such complexes scattered across the country that are not producing much”, he explained. “30 to 40 years ago, there was a pipeline sending gas to Ajaokuta plant. He continued that the oil and gas businesses, in which the government had majority share and played managerial role, did not strive due to incessant hire and fire of top officers, adding that such constant removal of captains of such establishments would not allow for continuity of laudable projects.
Giving reasons for the huge unemployment indices in the country, in spite of having huge oil and gas reserves, Ihetu stated that the oil and gas sector does not actually employ a lot of people due to the way it is structured, noting that there were inputs from the industry, capable of creating employment if well managed.Īccording to him, “the industry itself does not employ many people, but there are inputs that are capable of creating employment in the economy, like the Ajaokuta steel plant, petrochemicals”.
Hands off government series#
Ihetu, an octogenarian who had been in the oil and gas sector since 1959, said this while speaking to newsmen at the 5th Nigeria Entrepreneurial Summit and Honours Foundation (NESH) Oil and Gas Roundtable Series in Port Harcourt. A player in the oil and gas sector of Nigeria’s economy, Dr Godswill Ihetu, has said that government should keep its hands off business, saying its interference is detrimental to the growth and sustainability of business.
0 kommentar(er)
