Nigeria’s PIB A Boost To African Energy Week Forum In South Africa- AEC

NJ Ayuk Archives - Afrikan Heroes

Yemisi Izuora

The African Energy Chamber has reiterated its commitment to advocate for policies that encourage transparent implementation of the Petroleum Industry Bill, PIB. The Chamber however, charged that Government policies and the implementation team must be rational, fair and honest and  must do their work to ensure that this PIB spur’s investment, innovation and competition.

NJ Ayuk, Executive Chairman of the African Energy Chamber, in his remarks after President Muhammadu Buhari endorsed the Bill, on Monday said, Accordingly, the Bill has paved the way for an influx in new developments, and African Energy Week (AEW) taking place in Cape Town on the 9th-12th of November 2021 aims to emphasize this.

According to Ayuk, “Nigeria has managed to elevate itself onto the global energy stage through the passing of its PIB. The recently signed PIB not only increases the competitiveness of the Nigerian energy sector, but through fiscal incentives, market-driven policies, and unified regulations, the Bill has positioned the country as the premier investment destination for both regional and international investors. AEW 2021 will put Nigeria and its transformative PIB on show in Cape Town and, through its exclusive networking opportunities, will drive investment in one of Africa’s most formidable markets,” .

The AEW 2021 in Cape Town will showcase and promote Nigeria’s post-PIB opportunities, uniting investors and international partners with Nigerian stakeholders. With a Nigerian delegation coming to Cape Town led by Chief Timipre Sylva, Nigeria’s Minister of Petroleum, Nigeria will be on show to the world and investors will have a first-hand look at emerging opportunities and competitive prospects.

After twenty-years of deliberation and revision, Nigeria’s historic Petroleum Industry Bill (PIB) has officially been signed into law byPresident Muhammadu Buhari. The signing of the PIB comes one month after it was passed by the house of representatives and the Nigerian Senate, and is expected to dramatically increase investment by providing a framework for the country’s oil and gas activities.

With a primary focus on investor certainty and transparency, as well as the enhancement of the sector’s attractiveness for international investment, the newly passed PIB is expected to position Nigeria as one of Africa’s top energy markets.

By integrating 16 petroleum laws into one comprehensive and coherent document, that provides a framework to boost oil and gas output, the PIB will accelerate investment and development in a post-COVID-19 landscape.

The signing of the PIB represents a significant moment for Nigeria, and is expected to drive foreign investment through an established enabling environment, large-scale energy developments through a productive and coherent regulatory framework, and increased local participation through local content focused policies, said Ayuk.

Add Comment