The Lagos Chamber of Commerce and Industry (LCCI),the umbrella body for Nigerian business interests in Lagos has called on the National Assembly to urgently pass the Petroleum Industry Bill (PIB).
According to the LCCI, the bill, if passed into law, holds the key to solving corruption and other forms of fiscal problems in the country.
The Lagos Chamber of Commerce and Industry (LCCI),the umbrella body for Nigerian business interests in Lagos has called on the National Assembly to urgently pass the Petroleum Industry Bill (PIB).
According to the LCCI, the bill, if passed into law, holds the key to solving corruption and other forms of fiscal problems in the country.
The PIB, designed to radically overhaul Nigeria's oil and gas industry, from fiscal terms to restructuring the Nigerian National Petroleum Corporation (NNPC), has been stuck in the National Assembly for more than five years because of disputes between the government and foreign oil firms.
"Enacting a competitive, inward looking Petroleum Sector Act, the PIB by the federal government of Nigeria is germane to curbing corruption and other forms of fiscal leakages in the oil and gas industry," Platts news quoted a statement from the LCCI to have said.
It added: "While we note that the passage and implementation of the PIB will not entirely eliminate the problem, it would expand investment, curbing corruption and other forms of fiscal leakages, further stabilizing the economy."
The chamber expressed concerns over the dwindling fortunes of Nigeria's oil sector due to "structural gaps in its regulatory, fiscal and business practices which have supported high (levels of) inefficiencies."
The chamber, one of Nigeria's most influential economic pressure groups, has membership drawn from all sectors of the economy, including foreign oil companies operating in Nigeria, such as Shell and ExxonMobil.
Lawmakers held a public debate on the PIB in July, which threw up sharp disagreements among legislators in two key areas, namely a special fund for communities hosting oil fields and facilities, and extra powers granted to the oil minister.
Oil executives had said the continued delay in the passage of the bill had brought uncertainty to businesses and had held up billions of dollars of investments in exploration and production.
With Agency Report
Discussion about this post