Nigeria Lost $50 Billion Investment Over Non-Passage of Petroleum Industry Bill

Mr. Sergius Oseasochie is the Managing Director/CEO, Relentech Integrated Services Ltd, Nigeria. He was recently elected into the House of Representatives to represent Esan North-East/Esan South-East of Edo State. In this interview with Ediri Ejoh, he lamented the non-passage of the Petroleum Industry Bill (PIB) by the seventh National Assembly and also emphasized the need for the total deregulation of the downstream sector of the oil industry. Excerpts:

Do you think the seventh National Assembly is justified over their inability to pass the Petroleum Industry Bill?

Not at all. The seventh Assembly should have passed the Petroleum Industry Bill given the volume of work already done by the sixth Assembly on the recommendations of the Oil and Gas Industry Committee (OGIC), with the impact and benefits of such reform in a high oil price regime.

The impasse in the passage of PIB has led to uncertainty in the investment climate in Nigeria and the ability of the oil and gas companies to guarantee returns on investment based on their portfolio across other regions of the world. Within the lull of the non-passage, most investment that should have come to Nigeria found a safe alternative in Mozambique.

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