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Nigeria names new oil minister

On Wednesday, Nigeria’s President Muhammadu Buhari formally inaugurated his new cabinet since his re-election earlier this year and appointed Timipre Sylva as the country’s new Minister of State for Petroleum Resources.
Sylva, who replaces Dr. Emmanual Ibe Kachikwu, is former Senior Specialist Assistant to the former Minister of State for Energy for Petroleum Resources, Edmund Daukoru, between 2005 and 2007.
He also had a tenure as Governor of Bayelsa State in southern Nigeria.
He will be expected to manage the ministry’s day to day activities while President Buhari, as in his first term, maintains his position as petroleum minister.
With almost 40 billion barrels of proven oil reserves, Nigeria – which is Africa’s largest economy – is heavily reliant on oil revenues, with the sector accounting for 65 percent of the country’s total revenue.
Not yet self-sufficient, Nigeria imports most of its fuel as a result of underutilized refineries – this it hopes to address through the Dangote refinery which is set to contribute 650,000 barrels per day (bpd) by the end of 2020.
With a maximum production capacity of 2.5 million bpd, Nigeria is the continent’s largest oil producer and 13th in the world.
The 2019 Africa Oil & Power (AOP) conference and exhibition will cast a spotlight on Nigeria’s energy sector. Providing an opportunity for the country to share its plans as it works towards becoming self-sufficient.
Hosted under the theme #MakeEnergyWork, AOP 2019 is the platform for industry leaders to discuss the future of Africa’s petroleum and power industries and where growth opportunities are to be found in 2019.
Africa’s Energy Conference takes place in Cape Town on October 9-11, 2019. Information and registration are at www.aop2019.com.

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