President Muhammadu Buhari has said the global rising cost of crude oil which went up to $104 per barrel on Monday as a result of the invasion of Ukraine by Russia, was a great opportunity for Nigeria, especially with the passage of the Petroleum Industry Act (PIA).
President Buhari who made this known while declaring the 5th Nigeria International Energy Summit (NIES) with the theme: “Revitalising the Industry: ‘Future Fuels and Energy Transition’ open in Abuja, noted that the PIA has taken care of issues confronting investments in the Petroleum industry.
Represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, the President applauded the impact of the Summit which he maintained had been of great value in terms of policy input for government and business development resources for the private sector.
He said:
Quote
“Crude oil prices are on the rise again after turning negative in April 2020. It is a great opportunity for us as a country.
“With the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.
“There is now a level of certainty for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry have been addressed by the Act.”
“With the PIA in place, there should be no excuses. The enabling investment environment which has been the bane of the industry has been taken care of by provisions in the PIA.
“There is now a level of certainty for the regulatory, administrative and fiscal framework and the legitimate grievances of host communities most impacted by activities of the industry have been addressed by the Act.”
Commenting further on the PIA, he added that: “We moved quickly and scrapped the existing agencies and replaced them with new ones. We have inaugurated their new Chief Executives too.
“We also ensured the incorporation of the Nigerian National Petroleum Company Limited (NNPCL) under the Companies and Allied Matters Act (CAMA).”
On the decade of gas, President Buhari disclosed that the initiative was aimed at transforming Nigeria into a gas-based industrialised nation through enhanced and accelerated gas revolution, adding that Nigeria had adopted gas as its transition fuel as the world moves towards cleaner sources of energy.
Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC), has said its track record of supporting Nigeria’s industry took a massive leap forward in 2021 when the Petroleum Industry Bill (PIB), was passed by both chambers of the ninth National Assembly of Nigeria.
OPEC Secretary-General, Dr Mohammad Barkindo, who lauded President Buhari and the ninth National Assembly for enacting the long-awaited legislation, PIB into law, noted that at OPEC, President Buhari was very much considered as ‘one of our own’ – an OPEC veteran.
“This long-awaited legislation for the oil and gas sector is bringing about the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract the much-needed investment in a sustainable manner
“He has been heavily involved in the Organisation’s affairs for decades and is currently the only serving Head of State in the world who made his career by being intensely involved in the OPEC family.”
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