Lawan says PIB would benefit Nigeria, IOCs - OPID News

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Thursday, 28 January 2021

Lawan says PIB would benefit Nigeria, IOCs

 Lawan says PIB would benefit Nigeria, IOCs


Senate President Ahmad Lawan has said the National Assembly will pass a Petroleum Industry Bill (PIB) that would benefit Nigeria, International Oil Companies (IOCs) and investors.

He called for drastic reduction in the cost of producing crude oil in the country, which he said it too high.

Lawan spoke in Abuja when a delegation of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce visited him at the National Assembly.

The Senate President stressed the importance of the PIB towards the advancement of the nation’s economy.

He added the National Assembly would accommodate the interest of international investors operating in the country in the Bill.

Lawan however bemoaned the low influx of business investors to Nigeria, a development which he attributed to the absence of a legal framework which the Petroleum Industry Bill seeks to address.

“In the last 20 years, investments coming into Nigeria and this industry have been so dismal and so small compared to the size of what we have in Nigeria, maybe due to lack of a legal framework – the PIB.

“So, we are very conscious of ensuring a balance and equilibrium between our interest as a people and a country, that we should have all the benefits accruing from your operations.

“We need to help you by creating that kind of environment where you’re able to argue and get the investments flow into Nigerian, instead of elsewhere. Let me also add, that at the end of the day, this is going to be a balanced legislation.

“For us as a country, we will not do anything that would jeopardize the chances of our oil industry competing favourably with other climes.

“So, I want to assure you that we would look into those issues of concern to you, and we would do exactly what we think will be in the best interest of Nigeria and also in the interest of the OPTS,” Lawan said.

The Senate President also pushed for lower cost of production of crude oil by the IOCs.

To Lawan, the present PIB before the National Assembly would accommodate provisions that would drastically reduce cost of production.




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