Concerns over PIB as competition for investment grows

The increasing global shift towards cleaner sources of energy has renewed calls for Nigeria to produce a petroleum law that is capable of attracting the badly needed investments in its oil and gas industry, ’FEMI ASU writes

The PIB, which has been in the works since 2008 when it was first introduced to the legislature, suffered setbacks in the last three legislative tenures. The Nigerian Association of Petroleum Explorationists said last month that Nigeria was at risk of long-term disruption to oil and gas supplies, power generation, a collapse of industries and significant loss of revenue due to continued reduction in hydrocarbon exploration activities.

An energy expert, Mr Bala Zakka, said the energy markets dynamics, the world and investment destinations had changed. “Even if the PIB is passed today, you will not see the investors; it will be dead on arrival. When you look at even the investment climate, the level of insecurity is enough to scare away investors,” he added.

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