How uncertainty in petroleum industry cost Nigeria $50bn in 10 years – Buhari

President Muhammadu Buhari on Wednesday explained how uncertainty and stagnation in the oil and gas industry cost the country $50billion worth of investments in the last 10 years.

Buhari, who spoke at a ceremony which preceded the Federal Executive Council (FEC) meeting in Abuja, said lack of political will by past administrations to bring about the necessary changes caused the stagnation in the nation’s oil and gas industry.

He said the signing of the Petroleum Industry Bill (PIB) marked the end of decades of uncertainty and under-investment in the petroleum industry.

Buhari 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 actualize this needed transformation.

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

READ ALSO: PIB: Buhari not a listening leader – PDP

“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 stressed that the signing of the law was part of the administration’s commitment to building a competitive and resilient petroleum industry that would attract investment, improve the country’s revenue base, create jobs, and support the government’s economic diversification agenda.

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