For Nigeria to attain her full potential as a petroleum-powered economy, she needs to chart strategic policy reforms and facilitate the development of local industrial capacity, Manish Mundra, Managing Director, Indorama Eleme Petrochemicals Limited, has observed.
Mundra made the observation on Tuesday, at the 7th International Mid/Downstream Oil and Gas Conference organised by the Centre for Gas, Refining and Petrochemical Engineering (CGRP), University of Port Harcourt, in conjunction with the Nigerian Society of Chemical Engineers (NSChE) at the Centre of Excellence, University of Port Harcourt.
Speaking on the theme: “Repositioning Nigeria’s Petrochemicals Sector for Industrial Growth, Innovations and Sustainable Development”, Mundra, who was represented by Upendra Singh, Head, Fertilizer Manufacturing, Indorama Eleme Fertilizer Chemicals Limited, said that policy reforms, such as the Petroleum Industry Act (PIA), would help transform the petroleum sector and reposition it to fast-track the nation’s economic growth.
He noted that part of the repositioning measures should involve a diversification of Nigeria’s large hydrocarbon base.
“Repositioning the sector means promoting hydrocarbon numbers into diversified high-value industrial products,” he said, adding that Indorama had demonstrated this through innovative expansion strategies.
