By Miriam Humbe
Permanent Secretary in Nigeria’s Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella, has said that with the Petroleum Industry Act (PIA), the country was ready to lead Africa in energy investments, attract global capital, and maintain its pivotal role in the international energy arena.
Christopher Ugwuegbulam, the
Assistant Director of Information in the Ministry disclosed this in a statement signed on Friday.
Represented by the Director, Midstream and Downstream Department in the Ministry, Mr. Mohammed Mohammed Abubakar, Amb. Ella made the statement at a Stakeholders Engagement on “Harnessing the Petroleum Industry Act (PIA) as a catalyst for investment in Nigeria’s oil and gas sector” and unveiling of the Oil and Gas Compendium in Abuja.
He also encouraged all stakeholders, whether from government, private or host communities to focus on actionable outcomes that will maximise the benefits of the PIA.
Ambassador Ella said: “The PIA introduces a robust legal and regulatory framework aimed at promoting efficiency, transparency, am and enhancing sustainable practices.
“It has fundamentally restructured the oil and gas sector by transforming the regulatory environment and introducing flexible fiscal terms.”
The Oil and Gas Investment Compendium, an initiative by the Ministry, was meant to provide potential Investors with a comprehensive guide to Nigeria’s oil and gas projects.
In his keynote address, the Chairman and Chief Executive Officer of Energy Versatile Group, Dr. Mohammed Baba Shehu emphasized the sector’s significance to Nigeria’s economy, contributing substantially to government revenue.
He noted that regulatory uncertainties, inefficient resource management, oil theft, and revenue leakage may have hindered optimal performance.
The PIA, he noted; represents a comprehensive reform aimed at addressing long-standing issues and challenges that hitherto plagued the industry.
Dr. Shehu said: “It seeks to modernize the regulatory framework, promote transparency, and encourage investment.”
Participants at the Stakeholders Engagement were drawn from the Government Agencies, Organized Private Sector(OPS) and the Academia.
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