The director-general of LCCI, Dr Muda Yusuf said, “The oil and gas industry is a major contributor to the Nigerian economy and government revenue. Nigeria, with the largest oil and gas reserves in Africa, has huge untapped potential to achieve its economic development goals including gas-to-power ambitions.“However, despite having the largest reserves in Africa, Nigeria only received four per cent of $75 billion invested in the continent between 2015-19.
The DG of LCCI said that the Chamber is fully supportive of the government’s efforts to drive industry reform through a new Petroleum Industry Bill, saying that “The key objectives of the PIB 2020, amongst many others, include; reforming the institutional and fiscal framework; developing Nigeria’s gas sector further; creating a framework to support the development of host communities and foster sustainable prosperity; and further bringing in new investments to grow the country’s production...
He however said, some of these improvements appear insufficient to deliver the true value to Nigeria, which the Bill aims to achieve, adding that some provisions in the bill could adversely affect the growth of the industry and the overall economy.