Petroleum Industry Act: NACCIMA Commends President Buhari, Urges Transparent Implementation

-by our correspondent.

The National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended President Muhamadu Bhuari for accenting to the Petroleum Industry Bill (PIB) after a long delay.

In a statement, the Association lauded President Buhari for the bold step targeted at repositioning the Nigerian oil and Gas sector to restore investor confidence and attract much needed Foreign Direct Investment and local participation.

“Hitherto this sector of the economy stagnated and a number of principal players placed new investments on hold or even divested existing assets due to perceived unstable legal and policy environment. The thrust of the PIB to unbundle NNPC and commercialise its operations, disaggregate regulation from operatorship and accommodate diverse stakeholders especially host communities is transformative.” The statement read.

NACCIMA noted that a restructured NNPC and ownership structure will help to create a wider opportunity and space for members and the oil producing communities to participate adding that, for the PIB to achieve its purpose, the Act needs to be implemented in a structured and disciplined manner on the long term to ensure transparency and focus while reinforcing confidence among local and International players.

It is also the view of the Association that the private sector is in a prime position to drive the realization of the objectives of the PIB and as such should receive the requisite support and policy enablement to play this key role in both the Upstream, Midstream and Downstream segments.

“In the same vein the Association is committed to leveraging the PIB to realize the goals of the Decade of Gas agenda and become a leading player in monetizing Nigeria’s gas assets, generate power and boost our productive capacity of our Industries.”

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