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.
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