Nigeria To Lead Energy Investments In Africa – Ministry of Petroleum

Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella stated this at a Stakeholders Engagement on “Harnessing the Petroleum Industry Act PIA as a catalyst for investment in Nigeria’s oil and gas sector” and unveiling of the Oil and Gas Compendium in Abuja, the Nigerian capital.

Represented by the Director Midstream and Downstream Department in the Ministry, Mr Mohammed Mohammed Abubakir, Ella said “the PIA introduces a robust legal and regulatory framework aimed at promoting efficiency, transparency, and enhancing sustainable practices”.

Speaking further on the PIA, he noted that “It has fundamentally restructured the oil and gas sector by transforming the regulatory environment and introducing flexible fiscal terms.”

The Permanent Secretary encouraged all stakeholders, whether from government, private or host communities to focus on actionable outcomes that will maximise the benefits of the PIA.

In his keynote address, the Chairman and Chief Executive Officer of Energy  Versatile Group, Dr. Mohammed Baba Shehu emphasized the sector’s significance to Nigeria’s economy, contributing substantially to government revenue.

He said regulatory uncertainties, inefficient resource management, oil theft, and revenue leakage may have hindered optimal performance.

The PIA, he noted; represents a comprehensive reform aimed at addressing long-standing issues and challenges that had before now plagued the industry.

Dr. Shehu said the PIA “… seeks to modernize the regulatory framework, promote transparency, and encourage investment.”

The Oil and Gas Investment Compendium, an initiative by the Ministry, was meant to  provide potential Investors with a comprehensive guide to Nigeria’s oil and gas projects.

Participants at the Stakeholders Engagement were drawn from the Government Agencies, Organized Private Sector and the Academia.