Dr. Oladiran Fawibe, Chairman, International Energy Services said the industry has made quite some impact on the national economy, but the results have been mixed.
"The country has benefited tremendously in terms of infrastructure and the development of expertise in the local industry.
noted that in the 70s oil revenue enabled post-war reconstruction and facilitated re-unification of the country.
But according to Dr. Fawibe
, Nigeria's oil revenue has generally been mismanaged.
observed that our oil industry has remained an enclave because industry activities and processes have not been internalised.
Said he: "In 1975, a delegation led by Chief Philip Asiodu was in Brazil to study their economy, especially the key sectors; refineries, port facilities, automobile industry and ship building.
Fawibe said since joining OPEC Nigeria has played a useful role in the organisation and has benefited as a member.
has become an octopus involved in operational and non-oil industry issues", said Fawibe
Looking at other aspects of the industry, Fawibe
noted that the business environment is getting better for Nigerian operators.
attributed this to the Nigerian content policy.
said 15 to 20 years ago, the industry appeared shut to Nigerian professionals and entrepreneurs.
But today, Nigerians are developing enterprises in their areas of competence.
Some are forming partnerships and alliances with foreign and other Nigerian firms.
"There must be a proper balance in order not alienate our traditional friends for the sake of new friends", advised Fawibe