The Major Energies Marketers Association of Nigeria (MEMAN) has raised concerns over persistent price volatility and compressed margins in the downstream sector, noting that such fluctuations complicate planning for operators and impose hardship on consumers.
Speaking at the 2025 Annual Strategic Public Lecture/Symposium organised by the News Agency of Nigeria (NAN) in Lagos, Ogechi Nkwoji, Head of Economic Intelligence, Research & Regulations at MEMAN, highlighted other pressing challenges in the sector, including safety and environmental risks, leaks, spills, and equipment failures that threaten communities and ecosystems.
Nkwoji, who represented MEMAN CEO Clement Isong, also pointed to ageing infrastructure, capacity and skills gaps, and the need for modern systems to be matched with a workforce equipped with contemporary skills. She further noted that persistent fuel losses and fraud through diversion, tampering, and weak reconciliation processes continue to undermine operations, alongside rising expectations from regulators and citizens for accountability, continuous monitoring, and verifiable reporting.
In his address, Mr. Yunus Yusuf, Chairman of NAN Chapel, emphasised the critical role of the oil and gas sector in Nigeria’s economy. He noted that the sector now faces an unprecedented transformation driven by digital technology, including artificial intelligence, machine learning, and big data analytics. These innovations, Yusuf said, are revolutionising exploration, predictive maintenance, risk mitigation, and overall operational efficiency.
He urged professionals to embrace digital innovation to optimise operations, improve safety, reduce costs, and promote environmental stewardship. He also called on students and future industry leaders to cultivate digital skills and innovative thinking to prepare for the evolving energy landscape. Security personnel, he stressed, remain indispensable in protecting critical infrastructure amid emerging cybersecurity threats.
Yusuf further emphasised the role of journalists in fostering transparency and public accountability, noting that accurate reporting on technological advancements in the sector is crucial for informed public discourse.
He concluded that the digital revolution in energy offers opportunities for enhanced efficiency, real-time decision-making, streamlined supply chains, and sustainable growth. However, he acknowledged that achieving these gains requires robust infrastructure, skilled human capital, forward-thinking regulation, and a commitment to ethical governance.
“Let us embrace innovation and collaboration. Together, we can harness the power of digital technology to build a more efficient, transparent, and sustainable energy future for Nigeria,” Yusuf urged.
