Chief Timipre Sylva , Minister of State for Petroleum Resources, assured that the Petroleum Industry Bill (GDP) currently before the National Assembly will be adopted in the coming weeks.
Sylva gave this assurance when he attended the Nigeria News Agency (NAN) forum in Abuja on Sunday.
The GDP, which was first presented to the National Assembly in 2008, is an omnibus law aimed at regulating all spheres of industry.
The bill is designed as a complete overhaul of the Nigerian oil and gas sector and aims, among other things, to ensure an increased level of transparency and accountability by strengthening government institutions to attract investment in the industry.
The minister said the long-awaited bill, once passed and approved by President Muhammadu Buhari, would go a long way in bringing desired efficiency to the country’s oil and gas sector.
“I am very optimistic that the GDP will be adopted very soon. I have always also thanked and congratulated the National Assembly for its commitment.
“I saw a lot of commitment from the National Assembly; they retired because of that and just yesterday we also made a commitment and they are very committed to the petroleum industry bill.
“From all the commitments we have had with stakeholders, I think the GDP will be adopted in a few weeks, if not next week, it will be weeks after.
“But certainly, you can see a clear line of sight until the end of the journey when it comes to GDP,” he said.
Sylva said GDP will be the foundation for the continued growth of the oil and gas industry, adding “it is unfortunate that the transition has been delayed for more than 20 years and for very good reasons.”
He said the delay was due to the fact that the oil industry was at the heart of Nigeria’s economy.
“We can’t change the laws with this kind of industry too often because people are making long term investments with long term projections based on your laws.
“If you say now that you want to change your laws very often, the climate will not be stable for investors and that is why it is normal for me that it has taken so long.
“And also it tells you another story that if it took us 20 years to pass the GDP, then you can imagine it’s not an easy law to pass.
“This means that when we pass it, the Nigerian investment climate will be clear,” he said.
NAN recalls that PIB had passed all the stages and public hearing in the National Assembly and that a commission was set up to finalize the conclusions on the bill.
At the recently concluded Nigeria International Petroleum Summit (NIPS), the Speaker of the House of Representatives, the Hon. Femi Gbajabiamila and Senate President Senator Ahmed Lawan assured that the bill will be adopted in June.
Lawan said the 9th National Assembly will continue to support all efforts to ensure the passage of GDP.
“We will give Nigeria a fair law; we will listen to everyone, we have a cooperative approach, so we work with all stakeholders to get it right.
“We have been able to consult on the GDP and we are working with the joint committee and we hope that the bill will be passed in June.
“We are aware that we need to give Nigeria a legal framework that will help guide the efficient use of the huge oil fields for growth,” he said. (NAN)
