He gave the charge when the Group Chief Executive Officer (GCEO) of NNPCL, Mallam Mele Kyari, led the management staff of the company on a courtesy visit to the Senate.
Senator Akpabio said local refining would ensure job creation for the teeming youths in the country and ultimately reduce incidents of pipeline vandalization and oil theft being experienced in the sector.
He assured that the Senate would put in place legislation that would ensure the ease of doing business in the oil and gas sector.
“I am insisting you deepen the idea of producing what we consume, while we consume what we produce,” Akpabio said.
The Senate President commended NNPCL for running the company profitably unlike the past that it operated on declared losses.
“The smallest one that may look ordinary but it affects the Nigerian economy is the elimination of fuel queues in the country.
“The Senate is appreciative of your effort. It would partner with you in all endeavours especially in terms of our various legislations to smoothen the ease of doing business in the oil sector and also to assist you to improve in your performance,” he said.
Earlier, Mallam Kyari thanked the National Assembly for the passage of the Petroleum Industry Act (PIA) without which he said the industry would still be struggling with fiscal situations and confidence of investors.
“Part of the achievement of the PIA is that this company rose from a loss position in 2018 to a profit position of over N200 billion in 2021.
“Our financial statement has not yet been published but let me add that the NNPCL is most likely to post profit in excess of N2trillion in 2023.
“This would not have happened if there were no enabling legislation and environment to operate,” the NNPCL GCEO said.
He also revealed that a robust supply plan of petroleum products is in place up until next year, assuring that there will be no fuel shortages.
He said this is primarily because they occupy over 30 per cent of the downstream business and as such no queues are expected.
Mallam Kyari also assured that Nigeria will be a net exporter of petroleum products in 2024.
The NNPCL boss however said the company was facing the problem of pipeline vandalization and oil theft.
He however expressed the hope that the situation would abate following the engagement of private security companies to check the menace.
