Oil Industry Trainers Lose $2bn in One Year

Oil and gas training organisations in Nigeria lost about $2 billion between March 2020 and March 2021, due to the negative impact of the COVID-19 pandemic on businesses across the world.

The Financial Secretary of the Oil and Gas Trainers Association of Nigeria (OGTAN), Mr. Matthew Olaleye, disclosed this in Lagos during a media briefing ahead of the association’s forthcoming 2021 Lecture Series/Annual General Meeting (AGM).

“For every contract that is awarded in the oil and gas industry, three per cent is expected to go for training. About $2 billion that was, based on our calculations, supposed to go to training, couldn’t come due to COVID-19.

“There was no business, even the little savings we had was used to pay salaries of our staff. The money is for expansion and this means that there is no expansion in the training stratum of the oil and gas sector,” he said.

According to him, the multiplier effect of the loss would be for felt for about 10 years.

Also, the President of OGTAN, Dr. Mayowa Afe, said the oil sector was badly affected by the COVID-19 lockdown, adding that the training sector of the oil and gas industry in the country felt the COVID-19 than other stakeholders as trainings were cancelled.

“We, the oil and gas trainers, felt the impact of COVID-19 than any other stakeholders in the oil and gas sector.

“Immediately COVID-19 happened, the first thing that companies did was to cancel training for their staff,” Afe said.

He, however, said the good news was that the Nigerian Content Development and Monitoring Board (NCDMB) had set aside supporting system to rescue registered oil training firms from total collapse.

Giving highlight into the upcoming lecture series/AGM, with the theme: “Inclusive Human Capacity Development,” the OGTAN boss disclosed that the event would hold on April 28, 2021.

He also said the programme would be held both online and physically in line with COVID-19 protocols, with 2000 delegates expected to attend.

Afe, added that prominent Nigerians, who have contributed immensely to the growth and development of the oil and gas sector would be honoured at the event.

He listed some of them honourees as the Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Director of the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu.

Afe stated that the two industry leaders had performed satisfactorily and even beyond expectations in their duties.

According to him, “We are extremely satisfied with the performance of the Minister of State for Petroleum Resources, Chief Timipre Sylva. He has performed beyond expectations.

“One of such areas is the transition to cleaner energy. Another is the Gas-based industrialisation. And, on this note, we are honouring the minister with the gas personality award.

“The DPR Director will also be honoured with Oil and Gas recognition award at the event.”

Source: This Day

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: