Lagos – The American Business Council (ABC) says the urgent passage and assent to the Petroleum Industry Governance Bill (PIGB), other bills and stable policies will enhance Nigeria-U.S. trade and attract fresh investments to Nigeria.
The president of the council, Mr Lazarus Angbazo, said this in an interview on Thursday in Lagos.
Anghazo, who is also the Chief Executive Officer, General Electric (GE) Nigeria, said the country needed stable policies for more American companies to willingly invest in the country.
NAN reports that the aim of the council, which has its office on Victoria Island, is to promote the development of commerce and investments between U.S. and Nigeria.
According to Angbazo, the delay in the passage and assent to some bills, especially the PIGB and reforms has blocked billions of dollars of investment in the various sectors, especially in the oil and gas sector.
“There is a need to bring the regulatory framework of the oil and gas sector up to date with global standard.
“The update will make Nigeria competitive in terms of ease of doing business and cost efficiency in the oil and gas sector.
“It is something that we cannot turn our eyes away from because it is like 80 to 90 per cent of our foreign exchange earnings,” he said.
Angbazo said until the power situation in the country was resolved, the manufacturing, industrialisation and transportation sectors would develop slowly.
“We cannot deviate from the power sector, the reform that was started needs to be completed.
“With the digital transformation of the energy sector on a global scale, new opportunities are emerging to deliver efficient, affordable and reliable electricity to consumers.
“To advance the power sector, a holistic approach needs to be adopted to ensure sustainability, reliability and longevity of power supply,” he said.
He lauded the current administration for an attempt to modernise the railway system with the rail concessions it signed recently.
“I think that will open more vistas for economic activities,” Angbazo said.
He urged the country to enhance its trade with U.S. by boosting agricultural production, value addition to commodities and leverage on the African Growth and Opportunity Act (AGOA) to boost the country’s economy. (NAN)