Business Post Contributor
By Ebireri Henry Ovie
The passage of the Petroleum Industry Bill (PIB) last Thursday by the National Assembly after many years of previous failures has continued to generate reactions from different quarters.
Last Friday, some Niger Delta leaders described the development as another landmark of the administration of President Muhammadu Buhari.
In a statement issued in Port Harcourt, Rivers State, the leaders also declared that the passage of the bill by the 9th parliament as a pointer to Nigeria’s path to greatness and development.
“It is another benchmark for ensuring transparency and accountability in the oil and gas industry. We see a country on the point of incredible achievement and advancement” the leaders said.
“It is a good development that is capable of yielding a beneficial outcome,” they added.
The prominent leaders commended the efforts of President Buhari, the Minister of State for Petroleum Resources, Mr Timipre Sylva and the legislative arm of government for repositioning of Nigeria’s oil and gas industry.
“This is another benchmark set in Nigeria, in a crucial sector that is key to Nigeria’s economic growth and stability,” the leaders said in the statement signed by the Chairperson of the Niger Delta People’s Movement (NDPM), Mrs Ibifuro Tatua.
They expressed the region’s hope in the ability of the stakeholders in the oil and gas sector to take full advantage of the current development.
The statement underscored global competitiveness and best practices, restructuring of institutions and local and foreign investments.
The leaders implored the federal government to make the best of it because it gives the international community an assurance that “Nigeria has provided a strong legal and policy framework as well as an enabling environment for investment.”
“The passage of the Petroleum Industry Bill will help the business image of Nigeria in the international scene,” the leaders stated.
The statement also emphasised the commercialisation of the Nigerian National Petroleum Corporation (NNPC), establishment of new regulatory bodies and 3 per cent profits from oil companies to host communities.
