Nigeria lost a whopping $226.734 billion in revenue in the 32- year shutdown of oil exploitation activities in Ogoniland, Rivers State.
The revelation was made at the April stakeholders engagement organized by the Pipeline Infrastructure Nigeria Limited (PINL) for the host communities on the Eastern Corridor of the Trans Niger Pipeline held in Port Harcourt.
General Manager,Community and Stakeholder Relations in PINL, Akpos Mezeh, who disclosed this, described the development as unacceptable, stressing that the resumption of oil operations in the region is a strategic national priority.
Mezeh, however, insisted that the process must be anchored on community participation, environmental sustainability, and transparency.
According to him, Ogoniland, covered under Oil Mining Lease (OML) 11, holds the potential to produce over 500,000 barrels of crude oil per day, recalling that operations were halted in 1993, following widespread unrest and environmental concerns linked to decades of exploration activities.
“Available data shows that over $226.734 billion has been lost due to the suspension of crude oil production from 96 oil wells in Ogoniland over the past 32 years.
“This clearly underscores both the economic cost of inaction and the immense opportunity that lies ahead,” he said.
The company outlined four conditions it considers essential for a successful resumption of oil exploration.
The conditions are involving host communities in the process; sustaining environmental clean-up and restoration efforts, adoption of a community-based security framework, and prioritizing economic inclusion through employment, contracts, and capacity development.
“The position of PINL aligns with growing calls from stakeholders in the Niger Delta for the federal government to restart oil production in Ogoniland in a manner that balances economic benefits with environmental justice and community interests,” he said.
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“At PINL, we stand ready to support this process by applying our experience in stakeholder engagement and infrastructure protection to ensure a peaceful, secure, and sustainable resumption.”
Observers note that any successful resumption of oil exploration in Ogoniland will depend on rebuilding trust among stakeholders, resolving environmental grievances, and ensuring host communities have a central role in decision-making.
PINL maintained that, with the right approach, restarting production in Ogoniland could significantly boost Nigeria’s output, increase national revenue, and contribute to broader economic growth.
