PIB: NACCIMA throws weight behind FG, demands transparent implementation
By Charles Okonji
The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, NACCIMA has applauded President Muhamadu Bhuari for signing into Law the long waited Petroleum Industry Bill (PIB).
According to the National President, Ide John Udeagbala, the “Association commends this bold and strategic step to repositioning the Nigerian oil and Gas sector to restore investor confidence and attract much needed Foreign Direct Investment and local participation. 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 NNPC and commercialise its operations, disaggregate regulation from operatorship and accomodate 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 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.”
Udeagbala noted that the view of the Association that the private sector is in a prime position to drive the realization of the objectives of the PIB, adding that it should receive the requisite support and policy enablement to play this key role in both 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,” he pointed out.
