- August 17, 2021
- Posted by: adminer
- Category: Natural Resources
The Nigeria Extractive Industries Transparency Initiative (NEITI) has described as a historic development, the assent of President Muhammadu Buhari to the Petroleum Industry Bill (PIB).
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, said this in a statement signed by Mrs Obiageli Onuorah, Head Communication and Advocacy, in Abuja.
Orji said the new Petroleum Industry Law had ended decades of uncertainty concerning the future of Nigeria’s oil and gas sector.
“The new law has opened a new phase of wider opportunities in the oil and gas industry.
“For us in NEITI, President Muhammadu Buhari has broken new grounds, created new business horizon built on healthy legal frameworks with realistic optimism for inflow of investments, revenue growth and job opportunities,” he said.
He applauded the Presidential assent to the bill, adding that NEITI looked forward to playing active roles in designing a new future for Nigeria’s oil and gas industry under the new Petroleum Industry Act.