The Nigeria Extractive Industries Transparency Initiative (NEITI) has raised the alarm on the implication of not passing the Petroleum Industry Governance Bill (PIGB), saying it has slowed down investment in the sector.
The Executive Secretary of NEITI, Mr. Waziri Adio stated this in Abuja at a symposium on the Petroleum Industry Governance Bill (PIGB).
The PIGB has been passed by the two chambers of the National Assembly and is presently awaiting harmonization.
Mr. Adio identified the protracted delays in passing these laws as responsible for the uncertainties and stagnation of investment opportunities in the sector.
He explained that the motive for convening the symposium is to discuss what needs to be done and urgently too to build on the successes recorded so far by the passage of the PIGB by both the Senate and the House of Representatives.
“Now that we are hopefully close to the end of these circuitous journeys, it is important for us to focus on the next tasks in a way that will proactively and strategically ensure that the intentions of the proposed laws are fully realized; that we have not undertaken the long journey in vain”. Adio Remarked.
The Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu underlined the importance of early passage of the relevant laws required to reposition the sector in view of the strategic implications towards increasing revenue generation, inflow of investments, job creation and improved governance of the industry.
“The long–held aspiration of the Nigeria Upstream Sector is to grow crude oil reserves to 40 billion barrels and production to 4 million barrels of oil per day (bopd), improving local content, maximizing sectors value and most importantly derive as much revenues from oil and gas.
Represented by the Senior Technical Assistant, Engr. Johnson Awoyomi, Kachikwu stressed the importance of giving similar attention to the other bills that will address the financial, administrative and host community issues bedeviling the sector.
“Now is the time to tweak the existing laws and come up with a new legal, institutional, commercial framework that will liberalize the petroleum industry as well as create a competitive business environment that will enhance Nigeria’s revenue” Kachikwu noted.
