which they say will encourage future growth of production and make Nigeria an investment destination of choice.
This was disclosed by Mr Muda Yusuf, Director-General, LCCI, in a statement issued on Sunday in Lagos.
Mr. Yusuf said the LCCI supports the FG’s drive to industrial reform through the PIB which is currently sitting in the National Assembly.
- “The Lagos Chamber urges the national assembly to put in place a law that will promote a more effective and efficient governance, administration, host community development and fiscal framework for the petroleum industry. A competitive bill will help preserve the integrity of the existing projects, whilst also encouraging future growth of production, and make Nigeria an investment destination of choice.”
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The LCCI said Nigeria still has untapped mineral carbon wealth, with the potential to boost industrialization through the gas-to-power schemes. However, the LCCCI noted Nigeria only received 4% of the $75 billion invested in Africa between 2015-2019 despite having Africa’s largest oil and gas reserves.
The LCCI stated that the PIB’s component includes institutional and fiscal framework reforms, also reforms to Nigeria’s gas sector. Yusuf said,
- “However, some of these improvements appear insufficient to deliver the true value to Nigeria, which the bill aims to achieve. Some provisions in the bill could adversely affect the growth of the industry and the overall economy. We firmly believe that based on constructive co-operation between the Nigerian Government and other stakeholders, host communities and Industry, the objectives of reform can be successfully met.”
What you should know
- Nairametrics reported that Nigeria’s Senate President, Ahmad Lawan, said the National Assembly will work hard to ensure the passing of the Electoral Act and the Petroleum Industry Bill (PIB), before the end of 2021.
- The Lagos Chamber of Commerce and Industry (LCCI) also announced that Nigeria’s inflation rate, which has risen for 15 consecutive months so far, will continue its climb by 2021.
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