Oredola Adeola

Professor Omowumi Iledare, a renowned petroleum economist, has called on Nigeria’s oil and gas policymakers to focus on translating policy efforts into measurable performance outcomes.

He therefore recommended a shift from what he termed “announcement economics” to “execution economics.”

The Professor Emeritus of Petroleum Economics made this call in his comment while speaking as a guest analyst on TVC News in a segment titled “Improved Investments in Nigeria’s Oil and Gas Industry: Where Is the Beef?”.

Professor Iledare noted that while investment reforms and policy pronouncements have been visible, their tangible impacts on production output, job creation, and value retention remain limited.

“When we speak about investment in Nigeria’s oil and gas industry today, we must separate effort from outcome,” he said in his opening remarks.

“There is no doubt that policy makers and operators have made visible efforts, bid rounds, executive orders, and improved business narratives — but the key question is: where is the beef?

“Despite these efforts, actual investment traction remains thin, production targets lag, and investors are still waiting for policy stability, fiscal clarity, and credible governance,” he said.

The Principal Facilitator at FUPRE Energy Business School, and Executive Director of the Emmanuel Egbogah Foundation, also observed that crude oil production continues to hover around 1.3 million barrels per day — far below Nigeria’s potential capacity of 2 million barrels — while the “Decade of Gas” agenda still struggles with infrastructure and pricing hurdles.

Iledare emphasized the urgent need for Nigeria to rebuild investor confidence through transparency, consistency, and accountability across all institutions implementing the Petroleum Industry Act (PIA).

“Effort without measurable outcome cannot sustain growth,” he said.

“The test of success lies in execution, not expression. Nigeria must move from policies that promise growth to actions that create real value for Nigerians.

“In the end, the true wealth of a resource-rich nation is not in barrels produced but in value retained and lives transformed,” Iledare stated.