The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has emphasized the urgent need for regulatory consistency and stability in Nigeria’s oil and gas industry to sustain investment and drive long-term growth.
Speaking at the fifth edition of the PENGASSAN Energy and Labour Summit in Abuja, Comrade Abiodun Ikumobaso, Chairman of the PENGASSAN Shell Branch (covering Shell Nigeria Exploration and Production Company, SNEPCO, and Shell Nigeria Gas, SNG), stressed that policy predictability is critical to attracting and retaining capital in the sector.
Ikumobaso described the summit’s theme—focused on regulatory frameworks for stability and growth—as timely, noting that Nigeria possesses abundant natural resources, a skilled workforce, and institutional capacity to attract significant investment. However, he cautioned that without a stable regulatory environment, investors may hesitate to commit the substantial capital required for long-term oil and gas projects.
“Beyond the Petroleum Industry Act (PIA), regulators must ensure firmness, stability, and consistency in their policies and actions. This is the only way to guarantee sustained investment in the industry,” he said.
While acknowledging renewed interest and increased investment in Nigeria’s oil and gas sector, Ikumobaso stressed that sustaining momentum requires regulators to provide clear, predictable, and consistently implemented policies. He added that investors need confidence that regulations will remain stable throughout the lifespan of their projects.
Commendation and Recognition
Ikumobaso also commended the organisers of the summit, describing the fifth edition as the most impactful so far. He noted that the annual event has grown in scope, quality, and relevance, providing a vital platform for dialogue among labour, government, and industry stakeholders.
The PENGASSAN chairman expressed gratitude for being recognised as an outstanding member and performing branch leader, attributing the honour to the collective efforts of his branch members and the support of the national leadership, particularly National President Comrade Festus Osifo.
He praised Osifo’s leadership style, highlighting his ability to communicate the union’s vision and values across its structures, and credited him with strengthening PENGASSAN’s role as a major stakeholder in Nigeria’s oil and gas industry.
Commitment to Stability and Growth
Ikumobaso reaffirmed his commitment to supporting initiatives that promote industrial harmony, attract investment, and strengthen sustainable development. He stressed the importance of collective leadership, effective representation, and continuous engagement in advancing workers’ interests while contributing to stability in the wider oil and gas sector.
“Our responsibility as labour leaders is not only to advocate for workers but also to contribute to building a stable and sustainable industry. Regulatory stability is the foundation upon which investment and growth can thrive,” he concluded.
