PIB Passage Excites NACCIMA

Dike Onwuamaze
The newly elected National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Ide Udeagbala has expressed hope that the recent passage of the Petroleum Industry Bill (PIB) if signed into law by the President will orchestrate the much-awaited reform in the sector.

Additionally, he said it would improve the involvement of the Nigerian private sector and enhance the confidence of foreign investors in the country’s oil and gas sector.
Udeagbala, in a statement, also commended the National Assembly for the passage of the PIB after 18 years.

He said: “We hope that the passage of the bill will bring the much awaited and needed reform of the Nigerian oil and gas sector for improved involvement of the Nigerian private sector and improved confidence of foreign investors who have complained of lack of clear appropriate legal framework in the Nigerian oil and gas sector.”

He also urged all stakeholders to work concertedly to ensure that the bill would improve the life of the host oil community and ensure sustainable development of the environment in the oil producing areas.
He also noted that only faithful and transparent implementation of the bill would ensure the attainment of its desired objectives.

Udeagbala reassured the public that the NACCIMA, which has been involved and closely followed the process of the passage of the bill, would work with all stakeholders to ensure the effectiveness of the radical changes contained in the bill are implemented so that “the bill becomes an historic legal framework for the transformation of the oil sector with positive effect on the nation economy and expand employment opportunities and wellbeing of Nigerians.”