The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Monday urged the National Assembly to accelerate the passage of Petroleum Industry Bill (PIB) to woo foreign investors.
NUPENG chairman in the South-West, Alhaji Tokunbo Korodo, made the appeal while speaking to newsmen yesterday in Lagos.
According to him, non-passage of PIB is a threat to investment in the oil and gas sector.
Korodo said that 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 that 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.
The Senate had early this month resolved to prioritise and fast-track passage of the PIB and other legislations capable of contributing to the quick recovery of the national economy.
It said that the bill would provide favourable level playing environment for both local and foreign investors.
This was part of the 20-point resolution passed by the Senate as its legislative intervention to speedily pull Nigeria out of the current economic recession, and put the economy on the path of sustainable growth.
Korodo said that contrary to speculations on the increase of petrol price, the Federal Government was already handling the issue of foreign exchange with the oil marketers.
“With the way government is handling the forex in oil and gas sector, there will be no hike in the price of petrol.
“At present, government is a major importer of petrol through the Nigerian National Petroleum Corporation (NNPC), private depots are just helping NNPC to distribute the product,” he said.
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