NACCIMA welcomes signing of PIB into law, calls for transparency and faithful implementation of its provision.
NACCIMA welcomes signing of PIB into law, calls for transparency and faithful implementation of its provision
Naccima
The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) welcome the signing into Law of the Petroleum Industry Bill (PIB) by President Muhammadu Buhari, after a long wait.
NACCIMA commends this bold and strategic step to reposition the Nigerian oil and gas sector to restore investor confidence and attract much needed Foreign Direct Investment and local participation.
According to the Association, “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 the Nigerian National Petroleum Corporation (NNPC) and commercialise its operations, disaggregate regulation from operatorship and accommodate diverse stakeholders especially host communities is transformative.
A re-structured NNPC and ownership structure will help to create a wider opportunity for and space for members and the oil producing communities to participate, said NACCIMA.
The Association is however of the view that for the PIB to achieve its purpose it needs to be implemented in a structured and disciplined manner on the long term.
Such an implementation approach will 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 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.
