The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said Nigeria wasted so much of its fortune from lack of planning and policy inconsistencies in the oil and gas sector, Oriental News reports.

He also regretted the wastes that had occurred in the country’s lucrative petroleum sector most of which happened through corrupt practices. The minister who spoke at the 2017 Society of Petroleum Engineers’ Nigeria Annual International Conference & Exhibition (NAICE) in Lagos said the oil and gas sector is significantly hit by lack of investment coupled with a huge infrastructure gap that requires about $50 billion to close.

“We have not engaged the private sector sufficiently in the past, private sector infrastructure financing is now key. Again we haven’t saved enough, rather than save we steal the funds and now we are given conditions for the release of money stashed into Countries abroad. Trust index has depreciated so much that when I attend international conferences I feel ashamed because of reports and headlines of monumental stealing.”

He warned that 25-30 years is the lifespan of oil and people are hurriedly moving away and investing in electric cars and renewables, saying, “We have five years to make dramatic moves to take long term policy decisions, Address inefficiency in the system and cut the cost of production, producing oil at high costs is no longer acceptable so we are going to review all these”.