By Yemisi Izuora-Lagos 
Nigeria may have lost over investment opportunities valued at$500billion to other emerging nations in Africa and other parts of the globe due to non passage of the Petroleum industry Bill (PIB) into law by the legislature.
This was revealed by the Nigeria Natural Resources Charter which launched in Lagos.
. The report which was endorsed by some experts including Mr. Gbite Adeniji,Prof Adeola Adenikiju, Mr Demola Adeyemi-bero,Mr bode Agusto .Mr Odein Ajumogobia,Prof Ademola,Ariyo,Prof Asisi Asobie,Prof Akpan Ekpo,Dr. Jubri Ibrahaim,Dr. Otive Igbuzor,Mr Tunji Lardner,Mrs.Lois Machunga . Dr Ebi Omatsola,and Prof Ukoha Ukiwo etc called for the splitting of PIB for easy passage .
According to the 191 page report ,Nigerian proven reserves has declined from 37.2 billion to 35 billion ,while Nigeria’s rig counts within the last two years dropped from 44 to 33 .
‘‘Such performance when taken as proxy , indicated ineffectiveness of the exploration process . Moreover is yet to execute a sound strategy for gas ,despite that the product shows higher potential for income when compared to crude oil . Efforts to study reserve have been weak’’ the report noted.
They observed that the downstream sector of the oil and gas industry has continued to decline in productivity despite the existence of four refineries which are not producing fuel thereby leading to the importation of fuel in an oil producing nation.
The report further explained that scarce or inadequate information ,insufficient audit and poor financial reporting standard for public enterprise like NNPC continue to undermine industry process
‘‘While complexity and opacity in public revenue procedure also continue to undermine the oversight efforts of civil society actors . oil account payments including remittance to the Federation accounts are not publicly available” the report further added.