Despite the clear awareness of the strategic and fundamental importance of a legal framework for the nation’s petroleum industry, to guide and regulate the operations, which the Petroleum Industry Bill provides, Nigeria lawmakers for over 20 years have paid no serious attention to the draft document. This setback has stunted the growth of the downstream sector of the petroleum industry.
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The President said this at the First Year Ministerial Performance Review Retreat at the State House Conference Centre, Abuja.
Ground-breaking ceremonies for the construction of 200-bed Infectious Diseases Hospitals with in-situ laboratory had already been held in Bayelsa, Borno and Katsina States, with that of the other locations to follow suit.
Despite the current crisis in the petroleum sector occasioned by a slide in crude oil prices, industry experts and policy analysts foresee that there will be stabilisation of crude oil price.
Some stakeholders in the petroleum sector on Tuesday said removing subsidy on fuel would benefit the nation’s economy in the long run.
Today, this same PDP has made Nigeria to once again make an ugly appearance in international media for the same odious story of corruption, no thanks to the immediate past Minister of Petroleum Resources, Allison Deziani-Madueke, who is standing trial in a court in the United Kingdom for money laundering allegations
Even as the intellectual conflict escalated between Nigerian government’s economic team and the many independent economic experts on the wide chasm between the acclaimed national economic growth with the widening parlous economic situation of virtually the majority of Nigerians, the World Bank reportedly issued a projection that by the end of 2013, Nigeria’s economy will grow faster than the South African economy