Generating Increased Revenue From Crude Oil
For an extended period, Nigeria’s economic vitality was predominantly fuelled by crude oil exports. However, acknowledging the inherent instability of the global oil market, international corporations and influential parties are urged to explore innovative avenues for maximizing value extraction from crude oil. This involves diligently investigating the array of valuable commodities that can be procured both during the initial production phases and the subsequent refining stages. Among the diverse spectrum of products yielding from these crucial transformations are essential fuels like gasoline and diesel, alongside gaseous resources such as butane, liquefied natural gas (LNG), and liquefied petroleum gas (LPG). Furthermore, this transformative process yields indispensable materials like bitumen for infrastructure development and valuable petroleum by-products, underscoring the potential for a diversified and robust resource utilization strategy.
Stakeholders possess the potential to leverage cutting-edge technologies and honed expertise to enhance gas capture or the procurement of diverse raw resources. Such advancements can then translate into amplified financial gains for all involved parties. Crucially, the commercial feasibility of these ventures is paramount, serving as the bedrock for stakeholder investment decisions.
Petroleum, a foundational resource, unlocks a vast spectrum of essential goods, ranging from potent pesticides and soothing petroleum jelly to everyday essentials like cleansing soaps, durable footwear, and invigorating shampoos. Establishing domestic manufacturing facilities dedicated to producing these high-caliber products would fundamentally transform our nation’s economic landscape. By ceasing our reliance on imported commodities, we would not only cultivate substantial employment opportunities but also usher in a new era of affordability, making these vital products accessible to all citizens through local production.