PIB will increase investment in Nigeria’s oil and gas industry – Sylva

The Minister of State for Petroleum Resources, Timipre Sylva, on Thursday outlined some of the benefits Nigerians should expect from the Petroleum Industry Bill (PIB).

The Senate passed the PIB on Thursday.

The bill was passed exactly 13 years after it was first presented to the National Assembly.

Sylva, who appeared on Channels TV programme, Politics Today, highlighted how Nigeria lost several billions of dollars in investment to other African nations due to the delay in the passage of the PIB.

He said Nigerians should expect exponential investment growth into the country through the oil and gas sector.

The minister assured Nigerians that President Muhammudu Buhari fully supports the National Assembly in the efforts to pass the bill.

Sylva said: “For over 20 years now, investment into the oil and gas industry has been stunted due to the sector’s uncertainty. But with the passage of the PIB, more fund and investments would flow into Nigeria.

“In fact, Africa recorded $50 billion investment in oil and gas in the last few years, just $3 billion came into Nigeria, despite our comparative advantage.

“Also Nigeria increased its oil reserve base from 22 billion to 37 billion barrels between 2002 and 2007. However, since 2007, when the law amendment started, our reserve has only increased by 500 million barrels. This shows how much money Nigeria is losing and the level of uncertainty by investors.

“Now that the PIB bill has been passed into law, investors in Nigeria and abroad will know exactly what to anticipate when they invest in the country.”

On fuel subsidy, the minister reiterated plans by the Federal Government to stop fuel subsidy payment.

He said the payments on fuel subsidy would end in the near future.

“The government cannot continue to pay trillions of dollars subsidizing a single product majorly use by elites, it is not sustainable so definitely subsidy will go,” he added.