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Non-passage of petroleum bills limiting oil investments – NNPC


The Nigerian National Petroleum Corporation has said the volume of foreign investment flow into the country will not be as robust as it should be until the petroleum legislation for the oil and gas sector is passed.

The NNPC’s Group Managing Director, Mele Kyari, said this during a visit of the national executive officers of the Nigerian Guild of Editors led by its President, Funke Egbemode, to the oil firm’s boss in Abuja on Thursday.

A statement from the oil company said the NNPC and the NGE expressed their readiness to work together to enlighten members of the 9th National Assembly on the need for accelerated passage of oil and gas industry-related bills in order to create the right environment to attract more investments.

Kyari was quoted as saying, “The petroleum legislation has been lingering since 1999 and we are aware that the current Federal Government is committed to the passage of this very important legislation. We need the NGE’s help to get the petroleum bill passed through sufficient enlightenment of the National Assembly and all other stakeholders.

He said the NNPC would enhance gas supply to the power and industrial sectors to boost the economy, adding that the oil and gas industry would promote the common good for all Nigerians.

“We recognise that together with the NGE, we have work to do. We promise that we are going to be transparent and accountable to all our shareholders who are the over 180 million Nigerians. We have the responsibility to make sure that the NNPC works for all of us,” he said.

Egbemode said the guild would collaborate with the new management of the NNPC by providing credible platforms that would enable the corporation to always inform Nigerians and the world about its mandate.

In another development, the national oil firm expressed its desire to extend Nigeria’s trade relations with Turkey beyond crude oil.

Kyari disclosed this during a courtesy visit by the Ambassador of the Republic of Turkey to Nigeria, Melih Uluren, at the NNPC Towers on Thursday.

He promised to build on the existing trade relations with the Turkish Petroleum, adding, “We are looking forward to greater cooperation between the NNPC and the Turkish Petroleum such that we find business in other areas like infrastructure development that both countries will be interested in promoting to the benefit of both countries.”

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