NACCIMA Commends Federal Government for Signing PIB, Calls for Transparent, Faithful Implementation

Dike Onwuamaeze

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the federal government for its political will to sign the Petroleum Industry Bill (PIB) into law.

In a statement, the Director General of the NACCIMA, Ambassador Ayo Olukanni said that the PIB would reposition reposition the Nigerian oil and Gas sector to attract more investments.

According to Olukanni, “NACCIMA welcomes the signing into law of the PIB by President Muhamadu Bhuari. After a long journey, the association commends this bold and 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.”

He stated that the growth of the sector has been stagnated as a number of principal players, “placed new investments on hold or even divested existing assets due to perceived unstable legal and policy environment.”

He noted that the policy thrust of the PIB to unbundle the Nigerian National Petroleum Corporation (NNPC) and the intended commercialisation of the operations of the corporation would, “disaggregate regulation from operatorship and accommodate diverse stakeholders especially the host communities.

“A restructured NNPC and its ownership structure will help to create a wider opportunity and space for members and the oil producing communities to participate.”

Olukanni, however, noted that the NACCIMA is of the view that the PIB should be implemented in a structured and disciplined manner in order for it to achieve its purpose in the long run.

He said: “Such an implementation approach will ensure transparency and focus while reinforcing confidence among local and international players.

“It is also the view of the association that the private sector is in a prime position to drive the realisation of the objectives of the PIB and as such should receive the requisite support and policy enablement to play this key role in the upstream, midstream and downstream segments.

“In the same vein the association is committed to leveraging the PIB to realise the goals of the Decade of Gas agenda and become a leading player in monetising Nigeria’s gas assets, generate power and boost our productive capacity of our industries.”