Yemisi IzuoraThe Senate president, Bukola Saraki says that huge capital flight in the oil and gas sector is worrisome but however assured that the present Senate focus on reforms that will address the challenges.
Speaking at the opening of the 3 day Nigeria Oil and Gas Industry Research and Development Fair and Conference 2017 organized by the Nigerian Content Development and Monitoring Board, NCDMB, in Lagos, Saraki noted that the 8th National Assembly is not oblivious of some of the challenges facing the industry.
The president who spoke through the chairman senate committee on upstream Senator Alaso Adera said the Senate is working on a number of legislative reforms aimed at reviving the economy.
The 8th National Assembly, he said has introduced an inclusive broad stakeholder engagement form of law-making, adding that through the pioneer creation of the National Assembly Business Environment Roundtable, private sector groups and the civil society are participating in the law-making process by providing and engaging with relevant committees on technical support.
Saraki stated that the revitalization of the Nigerian Economy has been the central theme of the Senate’s Legislative Agenda, adding that the Senate has created its legislative agenda with its focal point on reviving the Nigerian Economy, mapping out Economic Priority Bills, designed to create jobs and promote MSMEs growth with particular focus on creating an enabling business environment in Nigeria, infrastructure mobilisation, and access to capital and credit.
Speaking further, Saraki explained, “In line with this agenda, we have passed the Electronic Transaction bill 2015, Bankruptcy and Insolvency bill 2015, the Credit Reporting Bill, The Federal Competition and Consumer Protection Commission Bill, the Independent Warehouse Regulatory Agency Bill, the Secure Transactions in Movable Assets Bill, to name but a few of them. These Bills create new capital mobilisation scheme for SMEs, encourage access to credit, and reduce the potential for non-performing loans.
He argued that Nigeria’s economic growth can only be sustainable if we reduce our import dependency.
The, Senate, he said has rigorously pursued a campaign for Made-in-Nigeria products. “We have also considered and created practical ways by which the Government can show full support for Made-in-Nigeria goods. This is precisely what we have done with the amendment of the Public Procurement Act. It makes Made-in-Nigeria products, the first option of purchase in any government transaction in Nigeria.
He commended the Executive on the robust Economic Growth and Recovery Plan of the Federal Government and reiterated that to ensure a sustainable vibrant economy, our business environment legal frameworks must be safe, friendly and provide an assuring platform for investors, entrepreneurs and businesses.
The Senate president said that the vision of the Senate going forward is to create a robust business environment in Nigeria, oil and gas sector adding that adequate attention will be paid in passing the remaining aspects of the Petroleum Industry Governance Bill.
He commended NCDMB for the bold initiative of organizing the fair and urged participants to come up with ideas that will help support research and development in the country.