Abuja—The Nigerian National Petroleum Corporation, NNPC, has urged the National Assembly to pass the Petroleum Industry Bill, PIB, to stabilise the industry.

The NNPC said this in a statement in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, yesterday.

NNPC

Part of the bill seeks to promote Nigerian content by making use of locally produced goods and services; foster community development by encouraging and ensuring peace in oil-producing areas and honouring international environmental obligations by promoting energy efficiency.

According to the statement, passage of the bill will dispel the air of uncertainty around the industry, create an enabling environment for the industry to flourish and dissuade the International Oil Companies, IOCs, from exiting the country.

It reported the Group Managing Director of the NNPC, Dr Maikanti Baru, as saying that the delay in passing the bill into law had led to uncertainty in fiscal terms.

Dr Baru noted that the review of the Nigeria Liquefied Natural Gas Limited, NLNG, Act by the National Assembly is causing a challenge for the Federal Government and the IOCs.

He said it was sending wrong signals to the international community about how business was being done in the country.

“The NLNG market is growing at a tremendous rate. Between now and 2030, it is projected that the market would grow by 65 per cent.”

He said the market for LNG was there and that the Federal Government would take advantage of the opportunity.