By Julius Agadaga, Yenagoa
Former President Goodluck Jonathan, has disclosed that Nigeria would only achieve meaningful economic diversification if it develops local industries that support oil and gas production rather than relying on crude oil exports.
Jonathan stated this while speaking as chairman at the 2026 Sweet Crude Dialogue held in Yenagoa, Bayelsa State, with the theme, “Through the Python’s Eye: 70 Years of Oil and Gas Production in Nigeria.”
According to him, “Exporting crude oil alone generates revenue but does little to diversify the economy or create sustainable employment.
“If we cannot develop or produce some of the things used in the oil industry within the country, we will not achieve anything significant in the oil industry. It is not just about selling crude oil,” Jonathan said.
“Yes, we earn money from that, but that does not diversify the economy and create enough jobs. What will diversify the economy is the industrial aspect of the operations of the oil industry.”
The former President expressed optimism that Nigeria’s oil and gas sector could witness greater growth if the Nigerian Oil and Gas Industry Content Development Act, enacted in 2010, and the Petroleum Industry Act of 2021 are fully implemented.
“That is why I am happy with the Local Content Act my administration enacted in 2010 and the Petroleum Industry Act of 2021. With these two pieces of legislation, if they are faithfully implemented and amended where necessary, I believe things will be much better.” he said.
Jonathan stressed that local value addition, industrialization and technology transfer remain critical to creating jobs and reducing the country’s dependence on crude oil exports.
Also speaking, Bayelsa State Governor, Douye Diri, represented by his deputy, Dr Peter Akpe, lamented the environmental devastation caused by decades of oil exploration in the Niger Delta.
He said, the report of the Bayelsa State Oil and Environment Commission chaired by Archbishop John Sentamu, Diri said about 13 million barrels of crude oil were spilled in the Niger Delta between 1958 and 2010.
Describing the findings as alarming, he held that the commission characterised the environmental damage in the region as “nothing short of environmental genocide.”
The governor reaffirmed his administration’s commitment to environmental justice, remediation of polluted communities, restoration of livelihoods and ensuring a just energy transition for oil-producing communities.
He also called on civil society organisations, including De Mangrove Conversations, to work with government to ensure the implementation of the commission’s recommendations.
Delivering the keynote address, Professor of Comparative Petroleum and International Law and Policy, Ibibia Worika, said although oil production had generated enormous wealth for Nigeria over the past 70 years, it had also exposed deep governance failures.
He noted that petroleum gradually displaced agriculture, weakened manufacturing and entrenched dependence on oil revenues instead of driving economic diversification.
Worika argued that the Niger Delta, despite contributing immensely to Nigeria’s oil wealth, had suffered years of environmental degradation and underdevelopment.
“The Niger Delta has always borne the burden. Development cannot be measured by revenue generation alone. It must improve the wellbeing of the people and protect the environment,” he said.
The dialogue also featured a panel discussion involving the Managing Director of the Niger Delta Development Commission, Chief Samuel Ogbuku, represented by Pastor James Oworibo; National Chairman of the Pan Niger Delta Forum, Dr Godknows Igali, represented by Prof Stephen Olali; Vice-Chancellor of Bayelsa Medical University, Prof Dimie Ogoina; Prof Ibaba Samuel Ibaba of the Niger Delta University; and Managing Director of the Nigerian Content Development and Monitoring Board, Engr Felix Ogbe, represented by Barr Esueme Kikile.
The session was moderated by Professor Franklin Osaisai, a professor of Nuclear Engineering.
