Valentine Okafor
What seeks to be a pressing due and for Nigeria is a review of the Petroleum Industry Act (PIA) which has many gaps that requires urgent amendments.
The Minister of State, Petroleum Resources, (Oil) Senator Heineken Lokpobiri, has stressed that the rework of the Act was critical to Nigeria’s monetary and fiscal policy environment and for better implementation of the law.
Lokpobiri stressed that this was even more critical with crude oil contributing about 90 per cent of the nation’s foreign exchange and up to 65 per cent of the government’s revenue.
He highlighted this in his keynote address in Asaba, Delta State, during the 8th edition of National Council on Hydrocarbons (NCH) with the theme: “The Petroleum Industry Act (PIA) 2021: The Journey So Far,” a statement from the ministry signed by its Assistant Director of Information and Public Relations, Christopher Ugwuegbulam said.
The new PIA repealed about 10 Acts of the National Assembly relating to the oil and gas industry and consolidated the laws into a single Act, Lokpobiri who was represented by the Director of Upstream Department in the Ministry, Kamoru Busari, said.
The Minister informed his audience that the annual event of the ministry commenced in 2016 and has been sustained till date, explaining that it was established to garner ideas that will enhance good policy formulation and implementation in the energy sector. “ Overhauling the Act would cover gaps and give room for better implementation,” he added.
Lokpobiri therefore urged the council to be focused in the discussions and be objective in taking decisions on the memoranda that will be presented.
” Remember, the decisions you take today will affect positively or otherwise the future of this industry,” he said.
In his remarks, the Governor of Delta State, Sheriff Oborevwori, represented by the Secretary to the State Government, Dr. Kingsley Emu, noted that the event was a testaments to Nigeria’s collective commitment to harnessing the vast potential of its hydrocarbon resources.
The governor reaffirmed that Delta State will remain committed to supporting the growth of the hydrocarbons sector.
“As the highest producer of hydrocarbons, we recognise the pivotal role this industry plays in shaping our nation’s economy, and are dedicated to creating an enabling environment for its continued prosperity,” he stated.