The General Manager for Shell Energy Nigeria, Markus Hector, has asked that the Federal Government implement the Petroleum Industry Act (PIA), which was suspended in January 2022.
Hector made the call last week, during the Wartsila Smart Energy Forum, which had the Ambassador of Finland to Nigeria, Leena Pylvanainen, amongst others in attendance.
President Muhammadu Buhari had approved the suspension for fuel subsidy removal for 18 months, which would delay the implementation of the PIA, which was signed into law in August 2021.
The removal of the fuel subsidy would have signaled the complete implementation of the PIA, which was expected to usher in the privatisation of the oil industry, removing the control of government over pricing and other downstream operation.
Some of the benefits of the PIA includes an increase in domestic and international private funding into the downstream sector of the industry, but the suspension is acting as a bottleneck to the capital inflow.
Addressing the importance of the implementation of the petroleum industry act at the event, Hector said there was need for “predictable regulatory framework” which the PIA offers.
Hector stated that it helps build the capacity to regulate the industry, and gives more reliability to the market, while also aiding the ability to raise financing for business growth.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...