- August 19, 2021
- Posted by: adminer
- Category: Natural Resources, Trade and Industry
President Muhammadu Buhari has approved a steering committee headed by the Minister of State, Petroleum Resources, Timipre Sylva, to oversee the process of implementation of the newly signed Petroleum Industry Act (PIA).
The president, who announced this while marking the passage the PIA, which he signed into law on August 16, said Nigeria lost an estimated $50 billion worth of investments in 10 years, created by the uncertainty of non-passage of the PIB, lack of progress and stagnation in the petroleum industry.
According to the president, the committee is tasked with completing the implementation of this Act within 12 months.
He, therefore, directed all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of the PIA.
“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape.
“The implementation process to be headed by the Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this Act within 12 months.