With the federal government proposing an 18 month extension for the implementation of the Petroleum Industry Act (PIA), the president, Institute of Directors (IoD) has emphasised on effective collaboration from all stakeholders in the oil and gas industry to ensure the successful implementation of the PIA.
Indeed, stakeholders in the industry have called on the federal government to use the proposed 18 months extension to seek qualitative input from all concerned for the Act to see the light of day after implementation.
The president, Institute of Directors (IoD), Dr. Ije Jidenma, stated that all hands must be on deck to address the challenges arising with the implementation of the PIA).
Jidenma gave the advice at the IoD National Stakeholders’ Forum on The Petroleum Industry Act (PIA) 2021, with the theme: ‘’Petroleum Industry Act, Governance and the Investor’
She however stated that a number of stakeholders have expressed concerns over certain provisions of the PIA, pointing out that the concerns represent varying interests of stakeholders, which, they claim may inhibit the successful implementation of the Act.
The Managing Partner, ENR Advisory, Mr Gbite Adeniji, said the PIA framework was very new and would take a few years for the desired governance culture to emerge.
Adeniji, noting that the innovations, regulatory framework and roles of the PIA were clearer, however, stated that the agencies of government were not independent.
“The mind of the nation is not sufficiently settled around governance and the issue is less about the law than about the culture of governance in Nigeria,” he said.
Also speaking, Chairman, Energy Institute of Nigeria, Mr. Osten Olorunsola, said the Act addressed the significant overhaul necessary in area of governance, uptake of new technologies, fiscal competitiveness, downstream operations and community inclusiveness.
“The endgame of a well-implemented PIA would be a well-managed petroleum sector, institutionalised by good governance, and ease of doing business,” he said.
On her part, the Deputy Managing Director, Falcon Corporation, Mrs Audrey Joe-Ezigbo, said the PIA would send a strong signal of the optimisation and build up of the petroleum value chain.
