By Dapo Akinrefon

Newly elected president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Ide John Udeagbala, has welcomed the passage of the Petroleum Industry Bill, PIB, saying it will bring the much awaited and needed reform of the Nigerian oil and Gas sector for improved involvement of the Nigerian Private sector and improve confidence of foreign investors who have complained of lack of clear appropriate legal framework in the Nigerian oil and Gas sector.

In a statement, Udeagbala said all stakeholders must now work concertedly to ensure that the Bill will improve the life of the host oil community, ensure sustainable development of the environment in the oil producing areas.

He was of the view that while the passage of the Bill was a big relief, its faithful, transparent implementation was key to ensure its desired objectives.

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He reassured that NACCIMA which has been involved and closely followed the process of passage of the Bill will work with all stakeholders to ensure the radical changes contained in the Bill are effective and the Bill becomes an historic legal framework for the transformation of the oil sector with positive effect on the nation’s economy, the energy sector and expands employment opportunities and well-being of the people.

Udeagbala, who was inaugurated as the 21st President of the Association, alongside Otunba Dele Oye as the 1st National Deputy and Alhaji Jani Ibrahim as the 2nd Deputy in Aba, Abia State, promised to close ties with other members of the Organised Private Sector.

He said: “During my tenure, we will continue to work closely with other members of the Organised Private Sector of Nigeria in order to ensure that the Private Sector speaks with one voice and is focused on the sustenance of economic growth and development in our country.

Vanguard News Nigeria