The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Lagos Chamber of Commerce and Industry (LCCI) have welcomed the Petroleum Industry Act (PIA) recently made possible by President Muhamadu Buhari’s assent.
NACCIMA described it as a strategic step to repositioning the Nigerian oil and gas sector to restore investor confidence and attract much the needed Foreign Direct Investment (FDI) and local participation.
The statement issued by NACCIMA secretariat described as transformative, the thrust of the PIA to unbundle NNPC and commercialise its operations, disaggregate regulation from operatorship and accommodate diverse stakeholders, especially host communities.
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The Director General of NACCIMA, Mr Ayo Olukanni, pointed out that a re-structured NNPC and ownership structure would help create a wider opportunity for and space for members and the oil producing communities to participate.
Also, LCCI commended the commitment shown so far by the federal government in its appointment of an implementation steering committee to drive the implementation of the act; saying the act had opened windows of opportunities in the oil and gas industry, with renewed optimism for increased inflow of investments, revenue generation boost and job opportunities.
The Director General of the Chamber, Dr Chinyere Almona, urged the presidency, Ministry of Petroleum Resources and other institutions responsible for the implementation of the new law to put in place a robust mechanism and roadmap with due consultation with private sector operators and other stakeholders to drive effective and efficient implementation.
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