By Bimbola Oyesola and Merit Ibe

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said for the Petroleum and Industry Bill (PIB) to achieve its purpose, it needs to be implemented in a structured and disciplined manner  to reinforce  confidence among local and International players.

 The association, which welcomed the  signing into law  of the  bill by  President  Muhammadu Buhari after a long journey,  commended this bold and strategic steps to reposition the Nigerian oil and gas sector to restore investors’ confidence and attract much-needed Foreign Direct Investment and local participation.

It noted that until now,  the sector was 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.  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.

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“The private sector is in a prime position to drive the realisation 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.”

The association pledged its committment to leveraging the PIB to realise the goals of the decade of gas agenda and become a leading player in monetising Nigeria’s gas assets, generate power and boost our productive capacity of our Industries.”

Meanwhile, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to ensure that adequate security is put in place, as the bill is expected to bring in more investors into the country.

The union also called for more funding for police and other security agencies in order to effectively tackle insecurity.

Speaking during the union’s courtesy visit to the Lagos State Commissioner of Police, Hakeem Odumosu, during the week-long security campaign in Lagos,  the Chairman, PENGASSAN, Lagos Zone, Mr Eyam Abeng, said as the President signed the PIB, more is expected from the security agencies because this is expected to bring in more investors to the  country.