By Ediri Ejoh
Against current realities of dwindling fortune of crude oil price at the International market and challenges facing Nigeria’s economy, the Nigerian Extractive Industries Transparency Initiative, NEITI, yesterday, reiterated the urgent need for passage of the Petroleum Industry Bill, PIB to avert more downturn for the country.
The agency, saddled with the responsibility of ensuring transparency and accountability in the extractive industries, maintained that the PIB stands as one clear strategy that will help rescue the country from economic recession and should be passed now.
In a statement made available to Vanguard, signed by Director, Communication, Dr. Orji Ogbonnaya Orji, NEITI, explained that the non-passage of the PIB threatens Foreign Direct Investments to the country as well as generates massive loss of over $120 billion(at over $15 billion yearly) to investment withheld or diverted by investors to other jurisdictions.
According to him, “Against this background, the time for the National Assembly, oil and gas business community, the civil society and the media to appreciate the urgency of this law as one clear strategy that will help rescue Nigeria from economic recession is now.
“It is also important to note that local and international investors, who have waited patiently for this new law for the petroleum sector, do not see any rational economic reasons for any further delay.