The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has commended the federal government for the passage of the long awaited Petroleum Industry Bill (PIB).
The President of NACCIMA, Ide John Udeagbala, who gave the commendation, noted that the PIB has been before the National Assembly for over 18 years.
According to NACCIMA boss, there is hope that passage of the bill will bring the much awaited and needed reforms in the Nigerian oil and gas sector.
In his words; “It will lead to improved involvement of the Nigerian Private sector in the oil gas sector and improve confidence of foreign investors who have complained of lack of clear appropriate legal framework in the Nigerian oil and gas sector.”
The NACCIMA National President urged all stakeholders to work concertedly to ensure that the law will improve the life of the host oil community and promote sustainable development of the environment in the oil producing areas. He noted that that while the passage of the Bill was a big relief to its faithful, transparent implementation was key to ensure its desired objectives.
Udeagbala pointed out that NACCIMA which have been involved and closely followed the process of passage of the Bill will work with all stakeholders to ensure the radical changes contained in the Bill are effective as the Bill becomes historic legal framework for the transformation of the oil and energy sectors with positive effect on the nation’s economy and wellbeing of the people.