Govt urged to ensure speedy passage of PIB

07 March 2015, Lagos –  Members of the National Assembly have been advised to ensure speedy passage of the Petroleum Industry Bill (PIB) before the end of this present assembly.

The call was made by the executive chairman of Petrolog Limited, Dr Vincent Ebuh, at the unveiling of the company’s new Diving Support Vessel (DSV) Vinnice, in Lagos recently.

Ebuh said: “It is in the account of the huge success achieved by the local content policy that I call on the National Assembly to pass the PIB into law without further delay. The quantum INVESTMENT, indeed the overall benefit of that legislation to the sector and indeed the country is innumerable.”

He also thanked the financiers of the acquisition of the vessel, FirstBank of Nigeria Limited, adding, “FirstBank has shown a commitment to the industry and exhibited a forward thinking approach in support of the local content capacity building policy of the government.”

He explained that since the Local Content Act was passed into law about five years ago, companies have been emboldened to make monumental INVESTMENTS in human and material resources to meet up with the existing demand.

On his part, the executive secretary of the Nigerian Content Development Monitoring Board (NCDMB), Mr. Earnest Nwankpa noted that due to the local content policy, there was no part of the Nigerian oil and gas industry that Nigerian entrepreneurs are not seen.

He added: “From the day the local content act was signed, it made us know that no part in the oil and gas sector is beyond us. As seen today from those measures, big things have happened.”

Speaking at the unveiling of the vessel, the Group Managing Director/Chief Executive Officer of FirstBank, Mr. Bisi Onasanya expressed the bank’s delight in being a part of milestone by supporting indigenous participation and local content in the oil and gas sector.

“This is to further reaffirmation in FirstBank’s commitment to support the real sector development in Nigeria in addition to providing support for local content policies of the federal government demonstrates our commitment to increase the capability of corporate customers as we continue to put them first in the heart of our business.”

– This Day

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