ENERGY INVESTMENTS: NIGERIA IS READY TO LEAD AFRICA... Says Agbo Ella
"The PIA introduces a robust legal and regulatory framework aimed at promoting efficiency, transparency, and enhancing sustainable practices," Amb. Ella.
"It has fundamentally restructured the oil and gas sector by transforming the regulatory environment and introducing flexible fiscal terms."
With the Petroleum Industry Act (PIA), Nigeria is ready to lead Africa in energy investments, attract global capital, and maintain its pivotal role in the international energy arena.
This was the assertion of the Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella at a Stakeholders Engagement on "Harnessing the Petroleum Industry Act (PIA) as a catalyst for investment in Nigeria's Oil and Gas Sector" and unveiling of the Oil and Gas Compendium in Abuja.
Amb Ella, who was represented by the Director, Midstream and Downstream Department in the Ministry, Mr. Mohammed Mohammed Abubakar encouraged all stakeholders, whether from government, private or host communities to focus on actionable outcomes that will maximise the benefits of the PIA.
"The PIA introduces a robust legal and regulatory framework aimed at promoting efficiency, transparency, and enhancing sustainable practices," Amb. Ella stated.
"It has fundamentally restructured the oil and gas sector by transforming the regulatory environment and introducing flexible fiscal terms." He noted.
The Oil and Gas Investment Compendium, an initiative by the Ministry, was meant to provide potential Investors with a comprehensive guide to Nigeria's oil and gas projects.
In his keynote address, the Chairman and Chief Executive Officer of Energy Versatile Group, Dr. Mohammed Baba Shehu emphasized the sector's significance to Nigeria's economy, contributing substantially to government revenue.
He noted that regulatory uncertainties, inefficient resource management, oil theft, and revenue leakage may have hindered optimal performance.
The PIA, he noted; represents a comprehensive reform aimed at addressing long-standing issues and challenges that hitherto plagued the industry.
Dr. Shehu said. "It seeks to modernize the regulatory framework, promote transparency, and encourage investment."
Participants at the Stakeholders Engagement were drawn from the Government Agencies, Organized Private Sector (OPS) and the Academia.
This was contained in a statement issued and signed by Christopher Ugwuegbulam Assistant Director (Information) of the Federal Ministry of Petroleum Resources MPR and made available to Naij News Alert in Abuja.
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