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PIA: Bring more investments into Nigeria, Sylva urges oil majors

 

The Minister of State for Petroleum, Timipre Sylva, has advised all the relevant stakeholders in the oil and gas sector to use the opportunity in the establishment of the Petroleum Industry Act (PIA) to bring in more investments into the country.

 

Speaking yesterday in Yenagoa, during the 10th edition of the practical Nigeria content forum with the theme, “Driving Nigerian content in the new dawn of the Petroleum Industry Act,” the minister said it was expected that with the PIA in place and supported by the structures to ease business, new investment decisions will begin to happen in Nigeria oil and gas industry.

 

Represented by Famous Eseduo, a director in the Ministry of Petroleum Resources, Sylva disclosed that the administration of President Muhammadu Buhari had adopted a strategic action to immortalise Oloibiri and industrialise Bayelsa State through the establishment of oil and gas museum currently being built.

 

The minister said there were other strategic plans by the Federal Government to industrialise Bayelsa State, which includes the various oil and gas investments springing up in various parts of the state.

 

He said: “Driving Nigeria content to the ground of petroleum industry act, it is expected that with the PIA in place and supported by the structures to ease business, new investment decisions will begin to happen in Nigerian oil and gas industry.

 

“With over 42 billion dollars worth of investment agreement signed by various Nigerian entities at the justconcluded intra-Africantrade  fair, there is strong optimism thatsomanynewprojectswill soon commence in the Nigerian oil and gas industry.

 

“We need new projects in the industry to increase our production, grow national revenue base in the local supply chain and create more employment for the communities.”

 

Also speaking, Governor Douye Diri, had remarked that the Nigerian content law and PIA being analogous to the foundation must remain irreducible to the survival and success of businesses in the region.

 

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