Prof Wumi Iledare, a Professor of Petroleum Economics, says Nigeria remains best investment destination with effective fiscal framework in the proposed Petroleum Industry Bill (PIB)
Iledare disclosed this at an Education Series for Media on reforming the oil and gas sector in Nigeria, in Lagos, on Wednesday.
He said that the proposed PIB remained a varitable tool to ensure needed reform of the oil and gas sector in Nigeria.
He said that the time for government to make sacrifice for the sector to grow was now as the sector required huge investment to help transform the economy of the country.
He said a good fiscal framework must be flexible to change with trend to help bring the desired investments.
Iledare, former president of Nigeria Association of Energy Economics (NAEE), urged the media to ensure proper education of Nigerians on the importance of the bill.
“Most countries are focusing on energy transition and if we do not ensure good policy that will drive investment, our oil will be a waste to us.
“We need an effective policy for the sector to enable the country to effectively use oil revenue to develop other sectors of the economy
” We need to create business hub to grow our economy, this is what PIB will facilitate when passed into law, ” he added.
Also, Mr Israel Aye, an energy expert, also said that without good fiscal and legal framework, no investment would be made in the sector
He said that no investor would invest in a place of uncertainty, adding that none would also want to invest where it would incure loses.