Consequently, the PIB was broken into different bills, one of which was the Petroleum Industry Governance Bill (PIGB), to address various aspects of the oil industry. He said the industry believes the passage of PIB presents a unique opportunity for necessary reforms and changes to take place in the downstream industry. This development, they noted, had cost Nigeria’s oil and gas industry several billions of dollars investment and returns to the economy. It will unlock the huge private investment potentials in the downstream oil sector especially in petroleum product refining. “It will eliminate the patronage, rent seeking activities and corruption that currently characterise the downstream oil sector”, he added.

Source: The Guardian June 03, 2020 04:41 UTC