The Nigeria Extractive Industries Transparency Initiative (NEITI) has described President Muhammadu Buhari’s assent to the Petroleum Industry Bill (PIB) on Monday as a historic development with great potential for sustainable growth of the nation’s hydrocarbon resources industry.
The organisation’s Executive Secretary, Dr. Orji Ogbonnaya Orji, in a statement signed on his behalf by NEITI’s Head Communication and Advocacy, Mrs, Obiageli Onuorah, noted that the new Petroleum Industry Act 2021 had ended decades of legal and policy uncertainties that had characterized the operations of Nigeria’s oil and gas sector.
The Executive Secretary promised that the NEITI would be looking forward to playing active roles in designing a new future for Nigeria’s oil and gas industry under the new Petroleum Industry Act.
He explained: “The new law has opened a new phase of wider opportunities in the oil and gas industry.
“For us in NEITI, President Muhammadu Buhari has broken new grounds, created new business horizon built on healthy legal frameworks with realistic optimism for inflow of investments, revenue growth and job opportunities. Orji Added
“The signing into Law of the PIB has demonstrated government’s resolve to strengthen governance processes and systems, especially in the extractive industry through an institutional and legal framework.
“NEITI is encouraged by the development”, Orji enthused.
The industry expert expressed delight that the Petroleum Industry Act will provide the dynamic legal governance framework required to re-position the nation’s petroleum industry to fully embrace competition, openness, accountability and professionalism.
He also expressed optimism that the law would bring about better returns on investments to both companies and government.
Orji further stated: “I want to also use this opportunity to call on companies, government agencies and civil societies involved in the oil and gas sector governance to give this law a chance to succeed.
“NEITI will study the contents of the new law and work with national and global partners, especially the EITI to use the law to open the Nigeria oil and gas sector for transparency, accountability and inflow of foreign direct investments into Nigeria.
“NEITI is hopeful that the huge revenue losses which Nigeria has witnessed over these years as a result of process lapses and weaknesses in previous laws will be checked, while restoring investors’ confidence in Nigeria’s oil and gas sector”, the Executive Secretary added