President Muhammadu Buhari signed the Petroleum Industry Bill into law Monday, a move that the Organisation of Petroleum Exporting Countries (OPEC) says presents an opportunity to “reflect on Nigeria’s rise as a global” supplier of energy.
This was stated in a congratulatory message shared by the Secretary-General of OPEC, Mohammed Barkindo, and obtained by the News Agency of Nigeria (NAN).
Barkindo said that the passage of the bill into law marked a milestone for Nigeria’s oil and gas industry.
He said, “I wish to extend my congratulations to you on signing into law the Petroleum Industry Bill (PIB), which marks a significant milestone for Nigeria’s oil industry and an historic achievement for your Presidency.
“With the stroke of a pen, you have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector.
“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.
“In addition, these resources will be vital to supplying world markets with a broad portfolio of energy options, and support global efforts to alleviate energy poverty as outlined in the United Nations’ Sustainable Development Goal 7.
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“The passage of the PIB by both houses of the National Assembly on 16 July and your act of signing it into law coincide with another significant milestone in our country’s history – the 50th anniversary of Nigeria’s Membership of OPEC.
“This golden moment provides a unique opportunity to reflect upon Nigeria’s rise as a global energy supplier and partner.
“I wish to express my sincere gratitude for your instrumental support in establishing the Declaration of Cooperation (DoC) that was agreed on 10 December 2016.
“We could not envision at that time how important this framework would become during the COVID-19-related market crisis.
“It enabled bold, swift and decisive actions to address the historically unprecedented market downfall in 2020, and it has been vital to the ongoing efforts to provide a platform for recovery and future growth.”
PANDEF Disapproves
The signing of the bill into law has not sat well with a section of the country, especially members of host communities where oil is extracted from in the country.
Contained in the bill is a 3 percent allocation of revenue to host communities, a fraction that has been deemed meagre, despite the demand for 10 percent.
Speaking on the bill was the leader of the Pan Niger Delta Forum (PANDEF), Edwin Clark, who said that the bill was a “disregard for the feelings and concerns of the Niger Delta people by the Buhari administration.”
