A Review of the Nigerian Energy Industry

UK Secretary underscores importance of Nigeria’s PIB

*Says it should not focus on benefits to foreign firms

09 October 2012, Sweetcrude, LAGOS – The United Kingdom’s business secretary has described the proposed bill before Nigerian lawmakers to overhaul the nation’s oil industry as important, saying it should not focus on benefits to foreign firms working in the country.

The comments Monday by Vince Cable come as Western nations and oil firms have cautioned Nigeria about putting too many new taxes and burdens on oil firms working in Nigeria’s oil-rich southern delta.

Cable said: “The issue here is not what is good for the oil industry, but what best helps (Nigeria) maximise its potential.” That comes despite repeated criticisms of the bill by officials of Royal Dutch Shell and other companies.

Cable is a member of the Liberal Democrats, the junior partner to the Conservatives in Britain’s coalition government.

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  • Vince Cable is a liberal democrat who has expressed a personal opinion. We believe that what is best for Nigeria is sustained investment and to achieve this we must carry our multinational partners along. Essentially, we are saying that Nigeria’s interest has become inextricably tied to the fortunes of its multinational partners in the oil and gas industry. This is our current reality.