Nigeria Lost $50bn To Uncertainty Over Petroleum Industry – Buhari

• President Buhari said assent of the Petroleum Industry Bill on August 16, 2021, marked the end of decades of uncertainty and under-investment in the petroleum industry.

President Muhammadu Buhari on Wednesday in Abuja said Nigeria lost an estimated $50billion worth of investments in the petroleum industry in 10 years.

This, according to him, was a result of the uncertainty of the non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry.

In his remarks at a ceremony on passage of the PIA, which preceded the Federal Executive Council (FEC) meeting, the President said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualize the needed transformation.

President Buhari said assent of the Petroleum Industry Bill on August 16, 2021, marked the end of decades of uncertainty and under-investment in the petroleum industry.

“We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was lack of political will to actualize this needed transformation.

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past ten years, Nigeria has lost an estimated US$50billion worth of investments due to uncertainty created by the non-passage of the PIB.

Read also: Buhari’s Assent To PIB Signifies Lack Of Respect For Nigerians, Says PDP

“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

“In view of the value our Nation and investors will derive from a stable fiscal framework for the oil and gas industry, our Administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB,’’ he said.

According to a statement by his special media aide, Femi Adesina, the President noted that the signing of the bill was part of the administration’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve the country’s revenue base, create jobs and support the economic diversification agenda.

President Buhari said as a “nation that depends on oil resources for the development of other sectors, Nigeria runs a Petroleum Industry that is governed largely by laws enacted over 50 years ago such as the principal legislation; the Petroleum Act of 1969 and other obsolete legislations.’’

According to him, the Presidential assent of the bill to “Petroleum Industry Act 2021” marked the beginning of the journey towards a competitive and resilient petroleum industry that will attract investments to support the nation’s Economic Recovery and Growth Plan.

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