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Home News Economy

Experts Urge Nigerians to Invest in Oil Industry

Lucky Issa by Lucky Issa
February 6, 2026
in Economy
Reading Time: 3 mins read
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Critical stakeholders in the nation’s economy converged on Asaba at the weekend to chart the way out of poverty, not only in Nigeria but Africa as a continent.

The event put together by the Centre for Values in Leadership, was in honour of the 70th birthday of a Nigerian foremost Professor of political economy and management, Professor Pat Utomi.

Among the prominent personalities that graced the occasion were the Obi of Onitsha, His Majesty, Obi Alfred Achebe, Labour Party 2023 Presidential Candidate, Peter Obi, the Founder and GMD, Rainoil Limited, Dr. Gabriel Ogbechie and many other renowned leaders in the nation’s petroleum industry including Dr Austin Avuru, Deacon Chris Iyovwaye, Chief Lemon Kpea

The septuagenarian colloquium which has as its theme: Overcoming Poverty in Africa: Did we get it wrong? What next ?, also attracted academics, array of traditional rulers, religious institutions, operators in the Nigerian Upstream, and Downstream sectors as well as political leaders from parts of the country .

Setting the tone of the discourse, Professor Utomi, a renowned professor at the Lagos Business School said he decided to celebrate his 70th birthday in his home state, Delta, apart from Lagos State,this year to create opportunities for his people especially the youths to benefit immensely from the lecture series designed to expose participants to business and job prospects in the oil industry.

Utomi stated further, ” I decided to bring the lecture to Delta State so that the young people around here can see opportunities that they can pursue, and live more meaningful life”.

Reflecting on his greatest achievements, the erudite economy management expert said it had been the grace of God .

Earlier at a panel discussion on the opportunities in the oil industry, moderated by the celebrant, Professor Utomi, the panelists gave overview of the prospect, operations, and challenges in the oil industry referencing Nigeria, and Ghana.

One of the discussants, Dr. Gabriel Ogbechie, a production engineer and Group Managing Director of Rainoil, with almost three decades of cognate experience in the Nigerian oil and gas industry, said the industry is lucrative with opportunities for people to invest in downstream and upstream sectors.

Ogbechie urged Nigerians to take advantage of the opportunities in the oil and gas sector as a whole to invest, starting from the downstream which is the lowest hanging fruits.

He said, ” I have seen a lot of transformations in terms of Nigerians taking advantage of the opportunities in the oil and gas sector to actually invest and take control”

Cm Ogbechie added, ” Over thirty years ago, the companies controlling the downstream in this country, you had Shell which later transformed to National Oil; British Petroleum which later transformed to African Petroleum; you had Mobil, Total , Texaco and few others. But today, many Nigerians have stepped forward to take control. The only international oil company still playing in the downstream sector is Total.”

Spokesman for the Planning Committee, Isaac Balami described the event as a remarkable milestone, ” We celebrate not only the years of Professor Pat Utomi, but the depth of impact within them—his mentorship, moral clarity, patriotism and enduring faith in the potentials of people and institutions. His legacies continue to live on through the Centre for Values in Leadership, and the many lives transformed by Professor Utomi vision.”

The event later shifted to Ibusa town , Delta State, where Nigerians in their large numbers gathered at the Catholic Church for a mass to thank God for the 70th birthday of Professor Pat Utomi.

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