*Urges president to fulfill promise on PIB
The African Energy Chamber (AEC) and its partners have congratulated President Muhammadu Buhari on his reelection as President.
“It is our hope that the re-election of President Buhari will achieve the set of courageous reforms undertaken by his administration since 2015”, says N.J Ayuk, the chamber’s Executive Chairman.
According to Ayuk, falling oil prices had led to Nigeria’s worst recession in more than two decades, adding that the chamber notes that the administration of President Buhari has successfully managed Nigeria’s exit from its economic quagmire and put the country back on the path of recovery and growth since 2017.
He said now that Nigeria’s macro-economic outlook was stable and various sectors of the economy were experiencing steady growth, the Chamber hopes that President Buhari’s reelection will continue to reform the country’s economy to spur private investment and create jobs.
Eyuk added that this include the Petroleum Industry Bill, which the entire industry awaits to be signed this year.
He recalled that during the 40th anniversary of the National Union of Petroleum and Natural Gas Workers (NUPENG), President Buhari pledged to sign the Petroleum Industry Bill (PIB) into law once the bill was re-transmitted to the presidency. President Buhari also said, at the event, that “the bill would address most of the challenges of the oil workers and the industry as a whole”, urging workers to support his administration towards “ensuring better welfare for workers”.
Eyuk said the African Energy Chamber notes that the “industry sees the the signing of the Petroleum Industry Bill as a crucial step to up investments across the value chain and provide Nigeria with the necessary resources to further drive its economic diversification agenda.”
The AEC, which was inaugurated in June of 2018, is the continent’s voice for the ongoing change and progress in the African energy industry.