The Lagos Chamber of Commerce & Industry (LCCI) has urged the Federal Government to ensure that the implementation of the Petroleum Industry Act 2021 (PIA 2021), which is a game changer for the oil and gas industry, is implemented.
LCCI Director-General Dr. Chinyere Almona canvassed the need for stakeholders’ consultations on addressing the implications of lapsed provisions of the Act and forging the way forward for the full implementation of the Act.
In a statement made available to The Nation, she commended the political will of President Mohammadu Buhari by signing the Bill into law to enjoy the full exploitation of the inherent potential of the oil and gas industry.
The Chamber had earlier issued a statement commending the Federal Government and made a strong case for best practice in the implementation of the Petroleum Industry Act 2021. Almona, however, regretted that less than a year into the signing of the Act, the implementation has suffered a flip-flop as some of the provisions of the Act are being suspended.
She said while the Chamber supports the full implementation of the PIA and the total deregulation of the oil and gas sector, it is, however, not insensitive to the plight of the masses that may feel the pains of some of the provisions like the removal of fuel subsidies.
