In order to secure the assets, we could deploy a two pronged strategy of digital methods through a combination of fibre optic cables and sensors placed on the pipelines in addition to human surveillance employed as a compliment to these digital tools.
The gas resource for instance is of extreme import to a vibrantly dependable power sector, it would be most valuable to our economic development if this vital resource is secured so that the power plants cited in various locations can get gas to fire their turbines and get the much needed power to the Nigerian populace and the real productive sector. Not only will this light up the nation it will also help cut cost of production in the largest economy in Africa.
Why would lighting up and cutting cost be important?
The households would be able to get electricity to power their preferred lifestyles and control their costs on energy by proper metering expectedly, substitute other sources of energy with electricity converted into other means.
The real productive sector on the other hand will have cut costs by about 70%. The consequences will be felt not only at the production costs levels but also the savings will be passed on to the final consumer through reduced prices. Nigeria's products in the international market given the devaluation, becomes more attractive thus increasing the much needed non oil revenues.
Technology has improved over the years and the oil and gas has not been left behind in this forward movement. The convergence of telecommunications technology with security has improved surveillance of oil and gas assets, improved measurements of materials/resources thereby helping to curbing the theft of our national commonwealth especially at the Upstream and the midstream sectors of the oil and gas industry. Therefore, the quantum loss of revenue suffered by Nigeria as a result of theft of Oil and gas products would be curbed thus resulting in more revenues to the coffers of the federation, While accountability is brought into governance as a result of the transparency that this method of surveillance offers when deployed.
Going forward, certain decisions must be taken upfront . First and foremost, the already existing pipeline network must be laced with sensors for monitoring the old oil and gas pipelines while secondly, a deliberate policy be put in place mandating all new pipelines projects are accompanied with robust fibre optic cabling technology to serve the same purpose of monitoring integrity of installations as well as movement of materials and products. These, once done will create countless jobs directly in the oil and gas sector as well as telecommunications industry while indirectly creating more jobs indirectly by empowering businesses to create more jobs thus improving Nigerian content in these industries.
Another gain would be the symbiotic relationship that would be brokered between the oil and gas and the telecommunications whose network of pipelines will also serve as s cured tunnels for the fibre optic cables thus improving the much preached digital penetration. The benefits of which shall among other things crash the cost of telecommunications especially broadband.
Households have immense benefits when Nigeria gets it right in oil and gas. Immediately, there is more revenue for government to expend in the provision of good governance, public infrastructures, etc. Remotely, a cleaner source of affordable energy becomes available. This is not to forget environmental protection as a direct fallout of gathering the previously flared gas, channeling them to more productive, cost-effective uses and freeing up jet A1 or kerosene for the aviation industry. Again this reduces the cost of fueling for the aviation companies leaving the customer with huge gains at the end of the day.
In a nut shell, Nigeria would be the preferred investment destination, cost of doing business will crash, cost of living will follow and jobs would be created. When these are achieved the balance of payment issues, exchange rate issues and foreign reserves will fizzle into thin air.
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