The President of the EOCWAS Commission, Mr. Jean-Claude Kassi Brou, has called for the pooling of resources and efforts in order to create the mechanisms needed to enable Member States to more effectively exploit the value of their petroleum resources.
Speaking at the opening of the regional workshop for the validation of a preliminary study on the harmonisation of petroleum policies and legal, institutional and regulatory frameworks in the ECOWAS Member States, on Monday in Abuja, Brou underscored the need for the exploitation and proper management of the vast petroleum resources of the region.
Brou, who was represented by the ECOWAS Commissioner for Energy and Mines, Sédiko Douka, noted that the exploitation of the mineral resource must be accomplished efficiently, and from a regional perspective, in order to unify efforts, and develop the synergies and complementarities which will harness the potential of these resources and ensure their substantial contribution to the sustainable development of the region.
He stressed the need to ensure a progressive evolution in regulation, in compliance with convergence and harmonisation criteria identified with a view to achieving integrated development of the petroleum sector of the ECOWAS region.
According to him, the workshop will provide a forum for an in-depth examination of the study on the harmonisation of petroleum policies and legal, institutional and regulatory frameworks in the Member States, and the formulation of appropriate recommendations for its improvement.
He expressed gratitude to the African Development Bank (AfDB) for the excellent cooperation links established between it and the African Natural Resources Centre, (ANRC), culminating in the conduct of the study under review.
In his address, the representative of the Director of the African Development Bank, (AfDB), African Natural Resources Centre (ANRC), Charles Nyirahuku, pointed out that the workshop would provide a platform for exchanges on country-specific policies and legal and institutional frameworks, with a view to identifying those best practices which can be harmonised at the level of the ECOWAS Community.
Nyirahuku opined that harmonisation of these frameworks is aimed at facilitating private investment, encouraging the development of regional value chains, and trans-border trade in goods, services and labour for the petroleum industry.
He commended the excellent collaboration between the AfDB and ECOWAS, which is the embodiment of a shared vision and a firm resolve to work to achieve a deeper political and economic integration of the region, particularly in the natural resources sector.
A statement by the ECOWAS Commission on Tuesday in Abuja noted that the ECOWAS region is endowed with vast petroleum resources and these resources not only places the region at the heart of global geo-strategic stakes, but also offers a real opportunity for support to the global economic growth of the region.
It added that the establishment of a sound and transparent legal framework is the key to the prospect of Member States deriving the maximum amount of revenue from the exploitation of these resources.
GIK/APA