*PIA has brought clarity in the oil, gas regulatory space – Muda
An expert has highlighted the possible hopes, expectations, amongst other factors that Nigerians should anticipate, following the signing of the Petroleum Industry Bill, PIB, into law.
iBrandTV had reported that President Muhammadu Buhari accented to the bill on Tuesday, after series of deliberations and uncertainties.
iBrandTV finding also shows that the key objective of the bill is to overhaul and transform the Nigerian oil gas industry.
Although, the key question that is being asked is: will the PIB be the game-changer for the industry at a time when major oil producers are seeking to transition to clean energy?
Furthermore, there is the argument for and against whether the 3 per cent allocation for the host communities is enough or not.
READ ALSO: What We Did To Get The PIB Signed – Lawan
However, while speaking with iBrandTV on Business24, the Immediate Pat Director-General of Lagos Chamber of Commerce and Industry (LCCI), hinted there is no perfect legislation.
In his words: “There have been issues from stakeholders in the past whether the President should sign it or not. One of the biggest challenges the oil and gas sector has faced is the uncertainty about the legislative framework, and that has significantly slowed down the level of investment in the sector.
“The PIB has brought some level of clarity in the oil and gas sector, that will scale up the level of confidence because the uncertainty has reduced. The PIB will impact the economy positively.”
See full conversation below: