Operators in Nigeria’s oil and gas sector have said there was still uncertainty with respect to investments in the industry despite the enactment of the Petroleum Industry Bill about two years ago.
Nigeria’s low oil production and the plunge in its revenue were attributed to this investor uncertainty by the industry players, as they urged the National Assembly to consider a review of the PIA 2021.
Speaking at the Oil and Gas Industry Policy Roundtable organized by the Independent Petroleum Producers Group and Oil Producers Trade Section for members of the National Assembly, the Chairman, IPPG, Abdulrazaq Isa, noted that the challenges in the sector were stifling its growth despite the PIA.
The PIA was passed into law in August 2021 by former President Muhammadu Buhari, after it dragged on as a bill at the National Assembly for about two decades.
Making this happen in the short to medium term, according to Isa, would require focusing on some priority areas.
The first, he said, included the “amendment of critical aspects of the PIA primarily aimed at establishing a strong regulatory and governance framework to guide the effective implementation of the PIA and ensure that the intended benefits of the industry-wide reforms are realized.”
“Enhancing the competitiveness of the industry in order to attract the level of funding required to fully optimize our vast hydrocarbon resources for today and future generations among others.”