03 July 2012, Sweetcrude, LAGOS – THE South-South Chamber of Commerce, Industry, Mines and Agriculture (FOSSCCIMA) has urged a speedy passage of the Petroleum Industry Bill (PIB) into law, saying the development would boost investments in Nigeria’s oil and gas sector.
Mr. Billy Harry, president of the chamber, made the call during a courtesy visit to the Director, Department of Petroleum Resources (DPR) in Lagos.
He said that with the passage of the bill, the downstream sector of the Nigerian petroleum industry would be freed from government interference and with this will come increased transparency and fairplay.
The passage of the bill, he also said, would see the Nigerian National Petroleum Corporation (NNPC) operate as a truly commercially entity, just as it would open up the oil and gas industry for more players.
“We wish to note that such a bill that is geared towards improving indigenous participation in the oil and gas industry, after many years that it was initiated, has not been passed into law,” he said, adding: “It is pertinent that all stakeholders work in concert to the PIB signed into law to guarantee Nigeria’s sovereignty in controlling the economy”.
H maintained that for the Local Content Policy, which has already been passed into law by the Federal Government to succeed, government should partner with key stakeholders including civil society to monitor its implementation.
Harry added: “We are very excited and glad as Organised Private Sector (OPS) that the local content bill is approved and signed into law. As the chairman of oil and gas trade group of Nigeria Chamber of Commerce, Industry, Mines and Agriculture, (NACCIMA), we welcome it and really applaud the Federal Government to have signed the bill into law.
He urged the DPR to iniate action towards ensuring that besides its statutory roles, every other entity involved in the implementation of Nigerian Content under the Nigerian Content Act and the Petroleum Act cap 350 Laws of the Federation of Nigeria should partner with key stakeholders, including civil society to monitor the implementation of Nigerian Content in the industry.
