19th August, 2021- Texas,USA

Nigerian stakeholders abroad under the platform of National Association of Tinubu Support Groups NCTSG DIASPORA-USA have commended President Mohammadu BUHARI and indeed Nigerians for the signing into law the Petroleum Industry Bill (PIB).
The General Secretary of the group, Hon Olamilekan Ojo Martins, said this in a congratulatory letter released to the News Agency of Nigeria (NAN)and online blogs on Wednesday.

“I wish on behalf of the NCTSG DIASPORA-USA and the Nigerian community in Diaspora to extend our warm congratulations to you on signing into law the Petroleum Industry Bill (PIB) 2021, which marks a significant milestone for Nigeria’s oil industry and an historic achievement for your Presidency” .

You have created a new frontier for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector”.

For the past 20 years, there have been various attempts at reforming the industry. However, none of these efforts has yielded any tangible result until the introduction of the Petroleum Industry Bill (PIB) 2020. Prior to now, there were various iterations of the PIB. The PIB started as an omnibus bill and was later divided into 4 separate bills before emerging in 2020 as a consolidated bill.

It is a fact that previous attempts at passing the PIB in 2009, 2012 and 2018 failed because of factors such as lack of ownership, misalignment of interests between the National Assembly and the Executive, perceived erosion of ministerial powers, stiff opposition by the petroleum host communities and push back by investors on the perceived uncompetitive provisions in those versions of the bill. The PIB 2021 is set to address all the issues to the extent possible. It should be noted that the present administration and the 9th National Assembly have demonstrated unparalleled commitment to passing the bill. They understand the importance of passing a bill that is competitive, balanced, fair, reasonable and realistic.

Indeed, the new law will enhance the Nigerian petroleum industry’s reputation, open the door to new investment and ultimately strengthen its position to meet the world’s growing demand for energy,” he said.

According to the Scribe, NCTSG DIASPORA-USA believes that the enactment of the legislation was timely as the investment outlook had become clouded by efforts aimed at accelerating a lower-carbon future.

According to him, the new law will help harness Nigeria’s potential to achieve its programme of raising oil production and reserves to above 40 billion barrels, while also drawing on the country’s vast natural gas reserves to provide clean and efficient energy and these resources will be vital to supplying world markets with optional portfolio of energy resources, and support global efforts to alleviate energy poverty as outlined in the United Nations’ Sustainable Development Goal 7.

“The passage of the PIB is in no doubt a morale booster and confidence for Nigeria’s living abroad to diversify their investment back home while preventing skill flight.

The NCTSG scribe stressed that the group which is a Nigerian coalition of various stakeholders living in the United States is a pro-government group and will continue to identify with Progressive tendencies by the Federal Government.

Mr Olanrewaju Lawal
Dir, Media and Communications