The Federal Government on Monday blamed Nigeria’s inability to explore the revenue opportunities of the current rising crude oil prices in the international market on prolonged years of neglect of the nation’s hydrocarbon resources industry.
The Minister of Information and Culture, Alhaji Lai Mohammed, who made this remark at a media briefing in Abuja, lamented that while other oil producing countries are today smiling to the bank as oil prices are on the rise, Nigeria could not because past administrations failed to stimulate growth in the oil sector.
The minister, however, expressed optimism that with the enactment of the Petroleum Industry Act (PIA) in 2021, the outlook for the industry and its revenue potential for the country looked bright.
He said: “Better late than never, they say. President Muhammadu Buhari last year signed into law the Petroleum Industry Bill, now the Petroleum Industry Act (PIA).
“The PIA is envisaged to foster investment in the industry and delineate responsibilities to the various institutions. This is a monumental achievement in the critical oil and gas sector”, Mohammed added.
According to him, with the PIA now operational, new businesses are already springing up in the sector.
While commending the present government for creating enabling environment for businesses in the country, the minister said: “Under this administration, the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 places on the World Bank Doing Business index since 2016.
“Mr President also signed the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades.
”The result of this favourable business environment is the birth of new businesses such as the 2.5 billion U.S dollars Dangote Fertiliser Plant that will produce 3 million metric tonnes of Urea every year.
“We also have the 650,000 barrels per day oil refinery due to open later this year and the Lekki Deep Sea Port, one of the most modern sea ports in West Africa”, Mohammed added.
To demonstrate the government’s commitment to the development of the hydrocarbon resources industry, he hinted that three more modular refineries would be commissioned in Edo and Bayelsa before May next year.
