Nigerian President Muhammadu Buhari has disclosed to Nigerians that the country reportedly lost $50 billion dollars worth of investments since 2011 as a result of the delayed Petroleum Industry Act. ayokinews.com reports
President Buhari made this known during the passage of the Petroleum Industry Act (PIA) at the Presidential villa in Abuja.
He noted that the delay in the passage of the bill cost Nigeria $50 billion dollars worth of investments as he blames the previous administration for not having the zeal and willingness to implement the passage of the bill.
President Buhari further noted that the passage of the Petroleum Industry Act (PIA) marks the end of underdevelopment in the Nigeria Petroleum industry.
President Buhari said, “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a lack of political will to actualize this needed transformation.
“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past 10 years, Nigeria has lost an estimated $50bn worth of investments due to uncertainty created by the non-passage of the PIB.
“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.
“In view of the value our nation and investors will derive from a stable fiscal framework for the oil and gas industry, our administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’