Investment: Expert wants FG to tackle insecurity

The Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr Bank-Anthony Okoroafor, has urged the Federal Government to find lasting solution to the insecurity in the country to attract more investments.

Okoroafor gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja, on Tuesday.

According to him, the oil and gas sector requires lots of investment to enhance the growth and development in the country.

“We need to reduce insecurity in the country, it is very pivotal to enable investors have the confidence to invest in the country generally.

“It was unfortunate that the country had continue to witness insecurity and hands must be on the deck to put an end to it,’’ he said.

Okoroafor further urged the government to create an environment where law and order would prevail.

“We need law and order in the country to make progress because where there is respect for law, things will work out effectively,’’ he added.

He called for the passage of all aspect of the Petroleum Industry Bill (BIP), saying that it would go a long way to facilitate growth and development of the sector and the country at large.

He also urged President Muhammadu Buhari to assent to the Petroleum Industry Governance Bill (PIGB), which had been passed by the senate.

NAN recalls that the Senate on April 18 passed the PIGB once again, after President Muhammadu Buhari earlier declined assent to the bill in August 2018.

The president had expressed reservation with some responsibilities of the Petroleum Regulatory Commission.

He specifically frowned against the provision to retain as much as 10 per cent of the revenue generated by the commission, as well as expansion of the functions of the Petroleum Equalisation Fund (PEF).

In the new bill, the Senate agreed with Buhari’s submission and reduced retention of revenue generated by the regulatory commission from 10 per cent to five per cent.

The senate also removed PEF from the new bill.

The bill was first introduced in the National Assembly in 2008 as an executive bill by late President Umaru Yar’Adua.

The Sixth National Assembly (2007 – 2011) failed to pass the bill.

It was re-introduced to the National Assembly in 2012 by former President Goodluck Jonathan.

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