By Chikodi Okereocha

The new President of National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ide Udeagbala, has welcomed the passage of the Petroleum Industry Bill (PIB), which has been before the National Assembly for over 18 years.

Udeagbala expressed the hope that the passage of the Bill would bring the much- awaited and needed reform of the oil and gas sector for improved involvement of the  private sector and improve confidence of foreign investors who have complained of lack of clear, appropriate legal framework in the sector.

Read Also; What PIB means to Nigeria, oil and gas industry

The NACCIMA National President also said  stakeholders must work together to ensure that the Bill  improved the life of the host oil communities and ensure sustainable development of the environment in the oil producing areas.

He, however, said while the passage of the Bill was a big relief, its faithful, and transparent implementation was key to ensuring its desired objectives are met.

Udeagbala reassured that NACCIMA, which has been involved and closely followed the process of passage of the Bill, would work with  stakeholders to ensure the radical changes contained in the Bill are effective.

He assured that the Chamber will work with all stakeholders to ensure the Bill becomes an historic legal framework for the transformation of the oil sector with positive effect on the nation economy, the energy sector and expands employment opportunities and wellbeing of the people.