The absence of the Petroleum Industry Act (PIA) has led to the loss of $50 billion investments in the petroleum industry since 2011, according to President Muhammadu Buhari.

Buhari spoke in Abuja on Wednesday at a ceremony on the passage of the PIA, which preceded the Federal Executive Council meeting.
The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘Nigeria Lost Estimated $50bn Worth of Investments In 10 Years Due To Stagnation, Uncertainty Over Petroleum Industry, Says President Buhari’.

According to the president, the loss was due to the uncertainty on the non-passage of the Petroleum Industry Bill, lack of progress and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualise the needed transformation.

Buhari said the assent to the Petroleum Industry Bill on August 16, 2021 marked the end of decades of uncertainty and under-investment in Nigeria’s petroleum industry.

He said : “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a lack of political will to actualise this needed transformation.

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past 10 years, Nigeria has lost an estimated $50bn worth of investments due to uncertainty created by the non-passage of the PIB.

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

“In view of the value our nation and investors will derive from a stable fiscal framework for the oil and gas industry, our administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’

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

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