The Minister of State for Petroleum Resources, Timipre Sylva ,has stressed the need for quick passage of the Petroleum Industry Bill(PIB) to garner investments in the oil sector before oil becomes irrelevant.
Sylva made the call on Monday ,while briefing the leadership of the National Assembly on the PIB submitted to both chambers of the National Assembly two weeks ago by President Muhammadu Buhari.
The Minister regretted that 20 years after attempts were made to present the draft copy of the PIB, to different sessions of the National Assembly by the executive arm , there are no required laws for effective regulation of the oil industry.He said the PIB as submitted to the Senate and the House of Representatives if quickly passed,will serve as foundation of investments and make Nigeria an investment hub.
He said crude oil will lose it’s relevance by 50 percent in the global market in 20 years to come specifically ,in,2040 ,as forecasts as in the industry indicate.
” Forecasts in oil industry circles indicate that oil will play less and less role in the global economy”
The Senate President, Ahmed Lawan ,assured that the National Assembly will work with the Executive to ensure the passage of the bill.
He however failed to give a time frame for the passage as he explained that it has to be thoroughly understood in contents and details.