{"id":195535,"date":"2026-02-19T23:52:31","date_gmt":"2026-02-19T22:52:31","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/pengassan-calls-for-engagement-to-safeguard-oil-sector"},"modified":"2026-02-20T00:56:23","modified_gmt":"2026-02-19T23:56:23","slug":"pengassan-calls-for-engagement-to-safeguard-oil-sector","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector","title":{"rendered":"PENGASSAN Calls for Engagement to Safeguard Oil Sector"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called for continued stakeholder engagement following the Federal Government\u2019s executive order restructuring oil and gas revenue remittances.<\/p>\n<p>PENGASSAN President, Mr. Festus Osifo, made the call on Thursday in Lagos during a news conference on the executive order and its implications for the oil and gas industry.<\/p>\n<p>Osifo said it was important to sustain stability and investment in the sector.<\/p>\n<p>He noted that the industry remained central to Nigeria\u2019s economic stability and emphasised the importance of policy clarity to sustain investment momentum and operational confidence.<\/p>\n<p>Osifo explained that the Petroleum Industry Act (PIA), enacted in August 2021, was designed to provide regulatory clarity, improve fiscal transparency, and strengthen investor confidence after years of declining investments.<\/p>\n<p>\u201cWe worked with stakeholders and legislators to ensure a law that would stabilise the industry and incentivise global investment,\u201d he said.<\/p>\n<p>According to him, sustained collaboration among government, regulators, operators, and labour unions remains essential to maintaining growth and competitiveness in the sector.<\/p>\n<p>\u201cThere is intense global competition for investment capital, and policy clarity helps Nigeria remain an attractive destination,\u201d the president added.<\/p>\n<p>He noted that the oil and gas industry had supported Nigeria\u2019s economy for decades, accounting for a significant share of foreign exchange earnings and government revenue.<\/p>\n<p>Osifo emphasised that protecting the sector\u2019s stability is closely linked to safeguarding jobs and livelihoods across the value chain.<\/p>\n<p>\u201cThis industry must continue to grow. When the industry grows, jobs are protected and the broader economy benefits,\u201d he said.<\/p>\n<p>He stressed that continued dialogue and policy alignment would help preserve the gains recorded in recent years and strengthen long-term investor confidence.<\/p>\n<p>\u201cWe must sustain the progress achieved and ensure that reforms continue to support growth, efficiency, and national development,\u201d he said.<\/p>\n<p>Osifo said stakeholder cooperation and policy consistency would help ensure long-term growth, operational efficiency, and investor confidence in Nigeria\u2019s oil and gas sector.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Nigeria<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called for continued stakeholder engagement following the Federal Government\u2019s executive order restructuring oil and gas revenue remittances. PENGASSAN President, Mr. Festus Osifo, made the call on Thursday in Lagos during a news conference on the executive order and its implications [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":195534,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29,28,2660],"tags":[254],"class_list":["post-195535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-to-homepage","tag-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PENGASSAN Calls for Engagement to Safeguard Oil Sector - Nigeria<\/title>\n<meta name=\"description\" content=\"The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called for continued stakeholder engag ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PENGASSAN Calls for Engagement to Safeguard Oil Sector\" \/>\n<meta property=\"og:description\" content=\"The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called for continued stakeholder engag ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-19T22:52:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-19T23:56:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2026\/02\/sm_1771545356.664001.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"PENGASSAN Calls for Engagement to Safeguard Oil Sector\",\"datePublished\":\"2026-02-19T22:52:31+00:00\",\"dateModified\":\"2026-02-19T23:56:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector\"},\"wordCount\":343,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2026\/02\/sm_1771545356.664001.jpg\",\"keywords\":[\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"homepage-english\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/pengassan-calls-for-engagement-to-safeguard-oil-sector\",\"name\":\"PENGASSAN Calls for Engagement to Safeguard Oil Sector - 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