- In a bid to make the nation’s Petroleum Industry Bill (PIB) more effective, the Federal Government of Nigeria has concluded three new changes.
- These include a single regulator, the Nigerian National Petroleum Corporation, NNPC’s public offer, and deregulation of the price of gas supplied to power plants.
In a bid to make the nation’s Petroleum Industry Bill (PIB) more effective, the Federal Government of Nigeria has concluded three new changes . These include a single regulator, the Nigerian National Petroleum Corporation, NNPC’s public offer, and deregulation of the price of gas supplied to power plants.
These changes have been proposed by the Presidential Economic Advisory Council, PEAC.It is hoped that a single regulator, sale of the NNPC shares to the public and deregulation of gas price would make a positive impact on the nation’s economy. PEAC observed that one regulator with relevant departments will be more efficient and allow for greater synergy in regulating the entire industry value-chain such as Nigerian Communications Commission, NCC and the Nigerian Electricity Regulatory Commission, NERC. Regarding the NNPC, it stated that the Board should have more independent members for governance. It felt that deregulation is the key to stimulating investment. To stimulate investment it felt that Nigeria should identify key strategic projects ranging from increased oil production through expansion of gas pipelines and discuss them with Oil sector operators – International Oil Companies, IOCs and Indigenous companies.
