The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has urged the National Assembly to accelerate the passage of Petroleum Industry Bill (PIB) to attract foreign investors to the oil and gas industry. Its Chairman, Southwest, Alhaji Tokunbo Korodo, made the plea in an interview with the News Agency of Nigeria (NAN) yesterday in Lagos.
According to him, the non-passage of PIB is a threat to investment in the oil and gas sector. Korodo said no investor would be willing to invest in a business they did not understand. “But, I believe with the passage of PIB, more investment opportunities will be available,’’ Korodo said.
He said the non-passage of the bill, which had passed through the second reading, forced some International Oil Companies (IOCs) to leave the country and sold off their investments to indigenous oil companies. NAN reports that the Senate had on Oct. 5 resolved to prioritise and fast-track the passage of the PIB and other legislations capable of contributing to the quick recovery of the national economy. Read more