By Providence Adeyinka

 The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA has applauded President Muhammadu Bhuari, for signing the Petroleum Industry Bill, PIB into Law.

A statement from National President, NACCIMA, Mr. John Udeagbala, commended the bold and strategic step to reposition the Nigerian oil and Gas sector to restore investor confidence and attract much needed Foreign Direct Investment, FDI and local participation.     

Udeagbala said: Hitherto, this sector of the economy stagnated, and a number of principal players placed new investments on hold or even divested existing assets due to perceived unstable legal and policy environment. 

“The thrust of the PIB to unbundle NNPC and commercialise its operations, disaggregate regulation from operatorship and accommodate diverse stakeholders especially host communities is transformative. A restructured NNPC and ownership structure will help to create a wider opportunity for and space for members and the oil producing communities to participate. 

“The Association is however of the view that for the PIB to achieve its purpose it needs to be implemented in a structured and disciplined manner on the long term. Such an implementation approach will ensure transparency and focus while reinforcing confidence among local and International players. 

“It is also the view of the Association that the private sector is in a prime position to drive the realization of the objectives of the PIB and as such should receive the requisite support and policy enablement to play this key role in both the Upstream, Midstream and Downstream segments.

“In the same vein the Association is committed to leveraging the PIB to realize the goals of the Decade of Gas agenda and become a leading player in monetizing Nigeria’s gas assets, generate power and boost our productive capacity of our Industries,” he said.