New NACCIMA President, Udeagbala, Commends Passage of PIB

The 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), which has been before the National Assembly for over 18 years.

In a statement issued yesterday, Udeagbala expressed hope that the passage of the bill would bring the much awaited and needed reform to the Nigerian oil and gas sector for improved involvement of the Nigerian private sector and confidence of foreign investors, “who have complained of lack of clear appropriate legal framework in the Nigerian oil and gas sector.”

The NACCIMA national president also said all stakeholders must now work concertedly to ensure that the bill will improve the life of the oil community, and 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 ensuring its desired objectives.

Udeagbala stated that NACCIMA, which has been involved and closely followed the process of passage of the bill, would work with all stakeholders to ensure that the radical changes contained in the bill “are effective and becomes a historic legal framework for the transformation of the oil sector with positive effect on the economy, the energy sector as well as expands the employment opportunities and well-being of the people.”

The group boss, who was inaugurated as the 21st president of the association, alongside Otunba Dele Oye as the first national deputy, and Alhaji Jani Ibrahim as the second 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 of our country.”

Udeagbala added that his administration would initiate a paradigm shift in their interface with the National Assembly by creating a liaison presence that would enable them monitor and provide informed inputs into bills that will have positive impact on businesses and the private sector in Nigeria.