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By Merit Ibe
The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has called for transparent implementation of the Petroleum Industry Bill (PIB),which is key to ensure its desired objectives.
Commending the Federal Government for the passage of the long awaited PIB, President of NACCIMA, Ide John Udeagbala, pointed out that the bill which had been before the National Assembly for over 18 years, would bring the much-awaited and needed reforms in the Nigerian oil and gas sector. Udeagbala was also optimistic that the passage of the PIB would lead to improved involvement of the private sector in oil and gas and improve confidence of foreign investors.
“It will lead to improved involvement of the Nigerian Private sector in the oil and gas industry and improve confidence of foreign investors, who have complained of lack of clear appropriate legal framework in the Nigerian oil and gas sector.”
The NACCIMA boss however, appealed to all stakeholders to ensure that the bill would improve the life of the host oil communities, ensuring sustainable development of the environment in the oil-producing areas.
Udeagbala stated that the passage of the bill was a big relief to its faithful, while stressing that its transparent implementation was key to ensure its desired objectives.
He pointed out that NACCIMA, which has been involved and closely followed the process of passage of the bill would work with all stakeholders to ensure the radical changes contained in the bill were effective as the Bill becomes historic legal framework for the transformation of the oil sector with positive effect on the nation’s economy, the energy sector and expands employment opportunities and well being of the people.
