This Day
18 February 2012
The federal government hopes to push through the long-delayed legislation to reform the oil sector this year as part of efforts aimed at boosting investment, so says Finance Minister, Ngozi Okonjo-Iweala.
The minister in an interview with The Financial Times said President Goodluck Jonathan’s administration – elected in April – is keen to see the Petroleum Industry Bill passed into law.
The PIB which aims to overhaul the Nigerian National Petroleum Corporation, create an independent regulator, foster a greater role for home-grown oil groups and reverse under-investment is seen as a crucial part of efforts to render Nigeria
But the bill has seen slow progress since it was presented to the national assembly three years ago.
"In two to three months, I predict you will see fast progress. At the very outside, before the end of the year it should be law.
"We are aiming to have a balanced bill to ensure the Nigerian government gets its rightful share and oil companies are incentivised. We must have a bill in which Nigerians do not feel they have been cheated," said Okonjo-Iweala, a former managing director at the World Bank.
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