The Nigerian National Petroleum Corporation Group has stated that the launch of the Petroleum Industry Act would enable private investments in Nigeria’s oil scene to rise due to increased clarity in its fiscal framework.
This was disclosed by the CEO of NNPC, Mele Kyari in a meeting with the Nigerian Senate Committee on Upstream petroleum.
The PIA saw President Muhammadu Buhari order the incorporation of the Nigerian National Petroleum Company Limited, in a bid to prepare the Federal Government for the Petroleum Industry Act.
What the NNPC is saying
Kyari said that the passage of the Petroleum Industry Act would see “increased investment as clarity of the new fiscal framework would enable partners and investors make important commercial decisions.”
Committee Chairman, Sen. Bassey A. Akpan praised the NNPC’s efforts towards restructuring itself post PIA into a proper corporation, adding that efforts by the committee have started bearing results.
In case you missed it
Recall Nairametrics reported that NNPC announced that it is working with the African Export-Import Bank (AfreximBank) to raise the sum of $5billion to boost its upstream capacity and its energy transition business.
Due to the PIA and incorporation of NNPC as a limited company, the Corporate Affairs Commission (CAC) revealed that the Nigerian National Petroleum Company (NNPC) Limited had one of the largest registered share capital in Nigeria with a valuation of N200 billion.