Nigeria’s Legislature To Pass Petroleum Industry Regulation As Obaseki Seeks Full Petroleum Sector Deregulation 

Yemisi Izuora

Former Group Managing  Director  of the Nigerian  National Petroleum Company(NNPC),Dr. Jackson Gaius Obaseki, has advised the federal government to consider full deregulation of the entire value chains of the nation’s petroleum sector.

Obaseki, who is the Chairman of the Board of Directors of the Brass Liquefied Natural Gas Company  Limited spoke at the opening of the 11th Oil Trading and Logistics Expo in Lagos yesterday where he said it was high time Nigeria embraced deregulation in full pledge.
He said  the Nigeria can no longer afford to stifle growth of the  oil  sector through regulation which should be opened up for players to play active part therein.
He also said Nigeria should be wary of politicians unbridled meddling in the affairs of the sector, adding that the nation’s petroleum sector should be treated strictly as business.
Also speaking, Deputy Minister of Energy, Ghana, Dr. Mohammed Amin Adam,said his country has deregulated its downstream sector of the petroleum sector adding that the prices of petroleum sector are now determined by demand and supply.
He urged Nigeria to lead the way in turning around the petroleum sector in West Africa because of its stature.
Honourable Akinlaja Joseph, Chairman, House of Representatives  Committee on Petroleum(Downstream),wondered why only few of the 18 operators granted refineries licences by the federal government made headway.
He said the government should consider given more investors opportunities to invest in  refineries with a view to boosting in-country refining and opening up the economy for better prospects.
He also assured that the law makers in the country would play a pre-eminent roles in ensuring that the petroleum sector adds value to the country through proactive legislation.
He promised that the House would soon  pass the Petroleum Industry and Governance Bill(PIGB) to spur growth in the nation’s oil and gas sector
The Senate had on May passed the Petroleum Industry and Governance(PIGB) after 17years of its stay in the National Assembly.

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