Federal Ministry of Petroleum Resources, as well as oil and gas industry players, have expressed concerns about the necessity to execute the 2021 Petroleum Industry Act (PIA) in order to promote economic growth.
At a one-day stakeholders’ engagement on “Harnessing the Petroleum Industry Act (PIA) as a Catalyst for Investment in Nigeria’s Oil and Gas Sector” in Abuja, Nicholas Ella, Permanent Secretary of the Ministry of Petroleum Resources, made the appeal with other stakeholders. The conference was organized by the Ministry of Petroleum Resources.
Ella, represented by Mohammed Abubakar, Director, of Midstream and Downstream, recalls that the PIA’s passage in 2021, which sought to promote efficiency, increase transparency, and improve sustainable operations.
According to Ella:
“The PIA also marks a new chapter for investors, providing clarity and stability in fiscal regimes, which are essential for fostering both local and international investment.
“In 2023, Nigeria saw a rebound in oil production, averaging 1.4 million barrels per day in the third quarter, a significant improvement from the previous year.
“This resurgence was driven largely by the enhanced operational environment fostered by the PIA, as well as the continued efforts to combat oil theft and pipeline vandalism.
“I encourage all stakeholders, whether from government, industry, investment, or host communities, to focus on actionable outcomes that will maximize the benefits of the PIA,” he said.
According to him, with the PIA, Nigeria is prepared to lead Africa in energy investments, attract global money, and continue its critical position in the international energy arena.
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cc: Daily Post Ng
