Newly elected president of NACCIMA Ide JC Udeagbala has welcomed the passage of the Petroleum Industry Bill which has been before the National Assembly for over 18 years.
In his remarks Udeagbala expressed the hope that the passage of the Bill will bring the much awaited and needed reform of the Nigerian oil & Gas sector for improved involvement of the Nigerian Private sector in the oil&Gas sector and improve confidence of foreign investors who have complained of lack of clear appropiate legal framework in the Nigerian oil and Gas sector.
The NACCIMA National President also said all stakeholders must now work concertedly to ensure that Bill will improve the life of the host oil community, ensure sustainable development of the environment in the oil producing areas. He was of the view that while the passage of the Bill was a big relief its faithful, transparent implementation was key to ensure its desired objectives.
He reassured that NACCIMA which has been involved and closely followed the process of passage of the Bill will work with all stakeholders to ensure the radical changes contained in the Bill are effective and the Bill becomes an historic legal framework for the transformation of the oil sector with positive effect on the nation economy, the energy sector and expands employment opportunities and well being of the people.
