Nigeria Lost $50bn In 10 Years Over Petroleum Industry

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By: Rakiya Garba Karaye, Maiduguri

President Muhammadu Buhari Wednesday in Abuja said Nigeria lost an estimated $50billion worth of investments in ten years, created by the uncertainty of non-passage of the Petroleum Industry Bill, lack of progress and stagnation in the petroleum industry.

In his remarks at a ceremony on passage of the PIA, which preceded the Federal Executive Council meeting, the President said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualize the needed transformation.

President Buhari said assent of the Petroleum Industry Bill on August 16, 2021, marks the end of decades of uncertainty and under-investment in the petroleum industry.

President Buhari noted that signing of the bill was part of the administration’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve our revenue base, create jobs and support our economic diversification agenda.

President Buhari said the administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

While directing immediate implementation of the framework for the Petroleum Industry Act, he urged all relevant stakeholders to comply and reposition for full activation within 12 months.

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