President Muhammadu Buhari has revealed that the nation incurred a loss of $50bn worth of investments in the petroleum industry since 2011 due to the absence of the Petroleum Industry Act.
Buhari made this assertion in Abuja on Wednesday at a ceremony on passage of the PIA, which preceded the Federal Executive Council meeting.
Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘Nigeria Lost Estimated $50bn worth of Investments In 10 Years Due To Stagnation, Uncertainty Over Petroleum Industry, Says President Buhari’.
President Buhari stated that the loss was due to the uncertainty of non-passage of the Petroleum Industry Bill, lack of progress, and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualize the needed transformation.
The President said assent to the Petroleum Industry Bill on August 16, 2021, marked the end of decades of uncertainty and under-investment in Nigeria’s petroleum industry.
He said, “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a lack of political will to actualize this needed transformation.
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“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past 10 years, Nigeria has lost an estimated $50bn worth of investments due to uncertainty created by the non-passage of the PIB.
“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.
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“In view of the value our nation and investors will derive from a stable fiscal framework for the oil and gas industry, our administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’
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