The Nigerian National Petroleum Corporation (NNPC) has expressed the determination of the Federal Government to work with the National Assembly.
Group Managing Director of the NNPC, Mallam Mele Kyari, made this commitment while making a presentation at the 25th anniversary edition of the Nigerian Economic Summit Group (NESG) with the theme: Rethinking the Future of Extractives .
Kyari explained that for Nigeria to make the most of the Oil and Gas Industry, passage of the petroleum legislation was imperative as the bill has the prospect to guarantee a robust fiscal regime, protect the environment, ensure development of host communities, ensure proper alignment with other sectors and encourage investors to expand their investments in Nigeria.
The Director further stated that the petroleum law, when passed, would create a robust fiscal regime that would make the Oil and Gas Industry competitive, expressed optimism that International Oil Companies (IOCs) in the country would be spurred to invest more in the petroleum sector after the passage of the bill.
He added that before the petroleum legislation is passed, a lot of fora would be organized to harvest inputs from relevant stakeholders, saying that the proposed law would be aligned to best practices and it would be a win-win for all.