Nigeria needs to pass the Petroleum Industry Bill (PIB) as soon as possible to ensure the country gets the maximum benefits from its petroleum resources before they dry up, Deputy President of the Senate, Ovie Omo-Agege, has said.
Crude oil, which contributes almost 80 per cent to Nigeria’s gross domestic products (GDP), is projected by experts to dry up in the next 30 to 40 years.
With technological breakthroughs facilitating the discoveries of cheaper and more reliable alternatives to crude oil, Mr Omo-Agege said the Nigerian government should swiftly move to clear the issues making it difficult for it to explore, produce and sell its crude oil while the market is still there.
“Nigeria must make the best use of its crude oil resources now that the market is still there because the world will turn away from fossil fuel in a few years’ time, as global demand for crude oil will soon dry up, making the resources less valuable,” he said.
The deputy Senate President while speaking in Owerri at a host communities’ colloquium on the Petroleum Industry Bill (PIB) organised by OrderPaper Advocacy Initiative, in collaboration with the Facility for Oil Sector Transformation (FOSTER).
He said the absence of a petroleum industry law is hindering the effective development of the country’s petroleum industry.
The PIB has not been passed into law since it was first proposed to the National Assembly 20 years ago. The PIB is expected to provide the legal, governance, regulatory and fiscal framework for the industry in Nigeria, in line with global standards.
Although the present administration says it wants the Bill passed into law as soon as possible, Nigerians are sceptical due to the pace of the process at the National Assembly.
Premium Times