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NACCIMA national president welcomes PIB passage

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  • calls for effective implementation

By our reporter

The newly elected president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Ide J.C. Udeagbala has welcomed the passage of the Petroleum Industry Bill which has been before the National Assembly for over 18 years. 

In a statement from the NACCIMA secretariat over the weekend in Lagos, Udeagbala expressed the hope that the passage of the bill would bring the much-awaited and needed reform of the Nigerian oil and gas sector in such a way as to improve the involvement of the Nigerian private sector in the oil and gas sector. He also looked forward to such improvements encouraging and facilitating confidence in the sector by foreign investors, saying that the lack of clear, appropriate legal framework in the sector had been a hindrance to that confidence all along. 

Udeagbala urged all stakeholders to now work concertedly to ensure that the bill improves lives in the host oil communities in a way that will ensure sustainable development of the environment in the oil-bearing areas. He expressed the view that, while the passage of the bill was a big relief, its faithful, committed and transparent implementation was key to the realisation of the desired objectives. 

The new NACCIMA boss reassured that the association, which had been involved in, and closely followed, the process of passage of the bill in the national assembly, would work with all stakeholders to ensure that the radical changes contained in it are effective and that the bill becomes a historic legal framework for the transformation of the oil sector, with positive effect on the nation’s energy sector and the nation’s economy, thus expanding employment opportunities and the wellbeing of the citizenry. 

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