The removal of fuel subsidy and the ongoing fight against crude oil theft under President Bola Tinubu’s administration are restoring investor confidence and revitalizing the oil and gas sector, according to industry stakeholder Jordan Omagufi.
Omagufi, Managing Director of Ufijor International Nigeria Limited (UINL), made the remarks on Monday during the opening of the company’s new branch office at ND Western Estate-Edjeba in Warri South Local Government Area of Delta State.
He noted that as a seasoned procurement service provider in the oil and gas industry, he has observed firsthand how the removal of the fuel subsidy has helped stabilise Nigeria’s economy after years of setbacks.
Omagufi also commended the federal government’s intensified efforts to combat oil theft through security agencies and the engagement of private pipeline surveillance firms, describing it as a major confidence boost for both local and international investors.
“These policies have not only improved operational stability but are also creating an enabling environment for businesses to thrive in the sector,” he said.
“I thank Mr. President. From the onset when he announced the subsidy removal, I was happy because that was draining our economy.
“Oil theft is a situation that has been left for long, so these guys have built a cabal. The process of fighting oil theft is gradual, and President Tinubu has shown commitment.
“As the President is committed to ending oil theft, with time, and the sustained collaboration between the security agencies and private pipeline security firms, people will understand that this thing (oil theft) is hindering our economy,” the MD posited.
