THE Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has called for the speedy passage of the Petroleum Industry Bill.
The GMD said the quick passage of the bill would enable the rapid adjustment of the present realities in the oil and gas industry.
Kyari said this at the 3rd Annual Lecture and Award, organised by the Valuechain Magazine.
The Senate had last week postponed legislative action on the PIB by two weeks.
The Bill, which seeks to repeal about 12 regulations relating to the oil and gas sector, was transmitted to the Senate by President Buhari.
The NNPC GMD said that Nigeria had not fully adjusted to the transformations in the global petroleum industry, adding that the PIB was critical to promoting the needed transformation in the industry.
He said, “The petroleum industry, which has been with us for a long time, has been transformed with several modalities globally, but we as a nation have not fully adjusted to the realities in the industry.
“Our laws have not responded to the changes that have happened in the industry over time.
“Getting the PIB that is before the National Assembly passed will be a major step for us as a nation. It will make the sector more competitive and attract more investors.
“The process of this Bill has been ongoing since 1999, and I am very sure it will be brought to a close soon. Through positive deliberations by stakeholders, the law will be passed.”
The GMD noted that the sector had remained a critical enabler of the Nigerian economy, adding that whatever happened in the sector had a direct impact on all aspects of the economy.
He, however, said that the Corporation’s commitment to ensuring transparency and accountability remained unshakeable.
