The Nigeria Extractive Industries Transparency Initiative (NEITI) has said the protracted delays in the passage into laws of the Petroleum Industry Governance Bill (PIGB) and other relevant bills including the fiscal petroleum and the host community bills were responsible for the uncertainties and stagnation of investment opportunities in the Nigerian oil and gas sector, urging the Presidency to assent to it to make it become law.
NEITI stated this after a symposium held in Abuja to set the agenda on the Petroleum Industry Governance Bill (PIGB), which has been passed and harmonized by the two chambers of the National Assembly, Senate and House of Representatives.
The agency said: “Time is running out over Nigeria’s inability to put in place the necessary laws required to fix the numerous governance problems confronting the oil and gas sector.”
According to the Executive Secretary, NEITI, Mr. WaziriAdio, the motive for convening the symposium was to discuss what needed 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.
He said: “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.”
“NEITI published a policy brief in October 2016, entitled “The Urgency of a New Petroleum Sector Law.” The paper estimated the cost of business uncertainty, lack of clarity and adequate transparency mechanism in eight years at more than $200 billion. The paper showed how Nigeria was increasingly in competition for oil and gas investment with many other African countries, and not to talk of other jurisdictions.”
The Minister of State for Petroleum Resources, Dr. Emmanuel IbeKachikwu represented by the Senior Technical Assistant, Mr Johnson Awoyomi, 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.
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