The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Mohammed Sanusi Barkindo, has solicited the cooperation of the Central Bank of Nigeria in the on going reform of the oil and gas sector for it to impact positively on the Nigerian economy. The GMD of the Corporation stated this while on a courtesy visit to the CBN Governor, Sanusi Lamido Sanusi, in Abuja on Wednesday. Dr. Barkindo described the petroleum sector reform and the banking industry reform as major catalysts that were critical to the growth and development of the country.  “Our industry, together with yours, has been intertwined for as long as I can remember and

for us in the Nigerian economy the duo are inseparable. When we embarked on the reforms in the oil and gas sector, it became obvious that the reform must include the reform in the financial sector. The impact of the financial market on oil and gas has become more and more evident even before the global melt down,’’ he stated.

Dr. Barkindo averred that the complete disconnect between the oil market and the supply demand fundamentals in 2008 led to several abnormalities in the global financial sector which affected the dollar negatively.

The NNPC helmsman maintained that for the petroleum industry bill to succeed there was every need for the Corporation to partner with the banking sector in the country. According to him, “coming back home, we have seen the challenges of post consolidation, we have seen how the financial market impacted on the marketing sub sector. Therefore, the implementation of the Petroleum Industry Bill when passed into law, the reforms that will sweep through the oil and gas sector would be massive and can only be achieved with a holistic synergy with the banking sector.’’

The GMD added that the PIB, when passed by the National Assembly, would transform the Corporation from a cost centre to a profit centre that would be capitalised into an incorporated joint venture in a bid to move from a quasi-government agency to a well run national oil company.    
        
Dr. Barkindo lauded President Umaru Musa Yar’Adua for his efforts to reform the key sectors of the economy expressing optimism that the reforms would put the Nigerian oil and gas industry in to global reckoning. Responding, the CBN Governor posited that reforms are always confronted with challenges and expressed his readiness to partner with the NNPC as it transforms into a profit making National Oil Company that will boost the national treasury. “For us in the CBN, we are totally in support of the PIB and we are totally in support of deregulation of the downstream sector of the Petroleum industry because it would create a conducive environment that will ultimately attract investors into the Nigerian economy,’’ Sanusi enthused.