.PIA will restore confidence, boost investment

By Eyo Nsima

The Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari, has disclosed that because of the delay in the passage of the nation’s Petroleum Industry Bill, PIB, into law, only $3 billion worth of investments were attracted into the petroleum industry in the past 10 years.

According to him, on the other hand, the nation lost investments worth $50 billion to other countries during the period, adding that the Petroleum Industry Act, PIA, is the game-changer.
Speaking on the NTA programme, monitored by The Daily, www.thedaily-ng.com, Tuesday, he said: “The PIA is good legislation. It will restore the confidence of investors and attract massive investments into the industry.

“Investors will go anywhere the policies, laws and incentives are provided in the world. The government has done well in ensuring that the PIA is passed and I commend the President.”

.Details coming later.