BY Chibisi Ohakah, Abuja
The Nigerian new oil sector legislation, Petroleum Industry Act (PIA), has been tipped to provide business opportunities that will enable the Nigerian National Petroleum Company (NNPC) Limited earn more revenue for the country.
Addressing staff of the organization in a townhall meeting held at the NNPC Towers, Abuja at the weekend, the NNPC chief executive officer of the company, Mallam Mele Kyari highlighted the significance of the PIA to the NNPC and by extension the Nigerian economy.
He said the new legislation has raised shareholders’ expectations on the company, even as it has given it a wide room to make progress. According to him, “all money-making options on the table; it is up to us to take advantage of it.”
As a result of the new legislation, NNPC Ltd, he opined, would not only shed some of its toxic liabilities but will be the largest and most capitalized company in the whole of Africa and, potentially, the most profitable on the entire continent.
Mallam Kyari charged employees of the organization to ensure the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders–the over two hundred million Nigerians.
Kary’s position is in line with those of the minister of state petroleum resources, Chief Timipre Sylvia, on the new law. Addressing newsmen earlier in the week in Abuja, he said with the Petroleum Industry Act (PIA), Nigeria has set the stage for increase investments in the sector.
“We now have a law that governs the sector and create confidence in the minds of potential investors and am confident that we will make unprecedented progress in the coming years,” the minister said.
He pointed out that Nigerian citizens need to continue to think positively of a better Nigeria, adding that the President Muhammadu Buhari government will do its best to ensure that things continue to get better for the citizenry.
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