Africa Oil Week: Olusegun Obasanjo calls on oil majors to align with government policies

Former Nigerian President Olusegun Obasanjo recently addressed the challenges faced by African oil and gas economies at the Africa Oil Week in Cape Town. Speaking to CNBC Africa's Fifi Peters, Obasanjo emphasized the importance of collaboration and alignment within the industry to drive economic development on the continent. He highlighted the historical inadequacies in funding, manpower, and technology that hindered the early stages of oil and gas development in many African countries, including his own Nigeria. Obasanjo acknowledged that while progress has been made in addressing these deficiencies, there is still room for improvement to fully leverage the potential of the sector for the benefit of oil-producing nations and communities. One of the key themes of Obasanjo's discussion was the role of technology in overcoming challenges in the oil and gas sector. He underscored the need for African countries to work together and collaborate not only at the local and national levels but also regionally and globally. Obasanjo cited the concept of local content as an example of how collaboration can enhance the benefits of participation in the industry. By fostering cooperation among stakeholders, including local and national oil companies, Obasanjo believes that the sector can maximize its potential and attract more investment. In addressing the issue of divisions that impede collaboration, Obasanjo pointed out the recent attacks on foreign nationals in South Africa as a significant challenge. He stressed the importance of maintaining a spirit of unity and cooperation to overcome such obstacles. Obasanjo called for the alignment of major oil companies with government policies to create an enabling environment for investments in the oil and gas sector. He emphasized that sustainable investment and the discovery of new reserves depend on strong collaboration, cooperation, and alignment between all stakeholders. Without this alignment, Obasanjo warned that the industry may struggle to attract the necessary investments to drive growth and development in the region. As African oil and gas economies continue to navigate challenges and opportunities, Obasanjo's call for collaboration and alignment serves as a reminder of the collective efforts needed to unlock the full potential of the sector. By working together and aligning with government policies, stakeholders can pave the way for sustainable growth and prosperity in the oil and gas industry across the continent.