Oil Sector Needs Strong Policy Direction, Effective Implementation – Prof. Oba Matemilola

…Urges regulators and policymakers to work as partners with operators to meet Nigeria’s oil production goals

The Olowu of Owu Kingdom and former Chair of the Society of Petroleum Engineers (SPE) Nigeria Council, Prof. Oba Saka Adelola Matemilola, has called for a robust and well-coordinated policy environment to unlock the full potential of Nigeria’s oil and gas sector.

Delivering his goodwill message at the opening ceremony of the 2025 Society of Petroleum Engineers Nigeria Annual International Conference and Exhibition (NAICE), Prof. Matemilola emphasised that the future of Nigeria’s energy industry depends on the ability of regulators, policymakers, and industry operators to function as genuine partners.

Pride in Industry Progress
Reflecting on the sector’s evolution over the past few decades, Prof. Matemilola expressed deep satisfaction at how Nigerian-owned companies are now competing on equal footing with international oil companies (IOCs).

“Looking back at what has been achieved over the last few decades, I feel very proud. When I see indigenous stakeholders taking over key roles in the petroleum industry and matching the performance of IOCs, I feel fulfilled,” he said.

He also singled out two groups close to his heart — youths and women — noting that SPE has been instrumental in bringing them together and integrating them into the energy industry’s growth story.

Investing in Human Capital
The traditional ruler praised SPE and the Nigerian Association of Petroleum Explorationists (NAPE) for dedicating significant portions of their annual conferences to capacity development.

“At NAICE, the first two days are dedicated to developing, training, and retraining people. Many of the sessions are focused on professional development, and the same can be said for NAPE. These associations are playing a major role in building the skills needed for the industry’s future,” he said.

Policy as the Missing Link
While recognising the dedication of industry professionals in driving innovation and transformation, Prof. Matemilola cautioned that their efforts will only go so far without an enabling policy environment.

“Building a sustainable energy future — not just for Nigeria, but for Africa — requires more than technical expertise. We need the right policy guidance and a framework for implementation. Without this, the progress we want will be difficult to achieve,” he stressed.

He noted that the Nigerian National Petroleum Company Limited (NNPCL) alone cannot meet the national production target of two million barrels of oil per day. Independent and indigenous oil firms must be part of the effort, but these companies will only commit resources if policies are clear, stable, and backed by effective implementation.

Changing Perceptions of the Industry
Prof. Matemilola also addressed the challenge of perception among young people, saying many still view the oil and gas sector as “dirty and polluting.” He argued that industry professionals are working hard to change this narrative, steering the sector toward cleaner and more sustainable energy solutions.

“This is why the policy makers and regulators are to be partners in this future,” he said. “When we talk about transitioning from petroleum to energy, we need strong regulations and clear frameworks to make it happen successfully.”

A Call for Collaboration
In his closing remarks, the Olowu of Owu Kingdom reiterated that policy makers, regulators, and industry players must see themselves not as separate entities but as collaborators with a shared goal — ensuring the sector’s growth, securing Nigeria’s energy future, and making the industry attractive for fresh investment.