In what it described as a right step in the right direction, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has lauded President Muhammadu Buhari for signing into law of the Petroleum Industry Bill (PIB).

In a statement issued on behalf of the Association by the President, Mr. John C. Udeagbala, he recalled that after what appeared a tumultuous journey, the bill has been passed, stressing that, it is a bold and strategic step to reposition the nation’s oil and gas sector to restore investor confidence and attract much needed Foreign Direct Investment and local participation.

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In the statement which reads in part, Udeagbala said, “Hitherto this sector of the economy stagnated and a number of principal players placed new investments on hold or even divested existing assets due to perceived unstable legal and policy environment. The thrust of the PIB to unbundle NNPC and commercialise its operations, disaggregate regulation from operatorship and accommodate diverse stakeholders especially host communities is transformative. A restructured NNPC and ownership structure will help to create a wider opportunity for and space for members and the oil producing communities to participate.

“It is also the view of the Association that the private sector is in a prime position to drive the realisation of the objectives of the PIB and as such should receive the requisite support and policy enablement to play this key role both in the Upstream, Midstream and Downstream segments. In the same vein the Association is committed to leveraging the PIB to realise the goals of the decade of gas agenda and become a leading player in monetising Nigeria’s gas assets, generate power and boost our productive capacity of our Industries.”