Building Leaders - Role of Integrity, Courage and Determination

The recent focus on the oil and gas sector’s enduring struggles again highlights the sector’s significant impact on the country's economy. These challenges have profound fiscal and monetary implications, affecting GDP growth, foreign exchange reserves, government revenues, inflation, and ultimately the cost of living for citizens. The three government-owned and operated refineries (450kbpd) built between 1965 and 1980 are a backdrop to these issues. Over the years, they have not met expectations despite several trillions of Naira of public funds spent on their operations and maintenance. More recently, in March 2021, when the refineries’ production had become abysmal, the administration awarded a $1.5-billion rehabilitation project to revamp the 210kbpd Port Harcourt refinery. The promise was to complete the first phase by September 2022 and return the plant to 90% of nameplate production. The second phase was scheduled for completion by March 2023, and the final phase by Decembe