The National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has described the signing of of the Petroleum Industry Bill (PIB) into law by President Muhamadu Bhuari as a bold strategic step to reposition the Nigerian oil and gas sector to restore investor confidence and attract much needed Foreign Direct Investment (FDI) and local participation.
This was disclosed in a statement by the association that 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 was transformative.
“A restructured NNPC and ownership structure will help to create a wider opportunity for and space for members and the oil producing communities to participate,” the statement stated.
The association disclosed that 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,” NACCIMA said.
The association also said it was of the view 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 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 the productive capacity of our industries, the statement by its Director General, Amb, Ayo Olukanmi, concluded.