The Nigeria oil industry is without doubt the mainstay of its economy and has also acted as a stabilizing factor for national security, peace and development. In view of this indisputable fact, successive governments always placed premium on the industry with a view to making it, a global player in line with global best practices in order to attract local and international investors into the industry with a view to achieving its maximum potentials for our collective good and national security.
Not unusual, only recently, Nigeria’s oil industry has come under public spotlight as a result of the allegations of sabotage being leveled against the International Oil Companies by the Dangote Refinery management with regards to its difficulty or inability to source crude oil locally for production.
need to remind ourselves that the reason for the enactment of the PIA was to restore orderliness and competitiveness to Nigeria’s oil industry which has suffered from years of undue, nepotism and unbridled corruption and contributed in no small measure to the mess in the industry until now. In addition, we are not unaware of Section 109 of the PIA which makes provision for domestic crude supply obligations to feed local refineries, and the provision makes it explicit that it must be on a willing buyer, willing seller agreement. That it must be competitively priced based on economic and business terms and not on the basis of bending the rules to suit any player for whatever reason.
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