NECA’s Director-General, Dr Timothy Olawale, who made the call on Tuesday commended President Muhammadu Buhari for signing the bill  into law said, “While we wait to see the signed version of the PIG Bill 2021, the PIB Act, 2021 is expected to herald a positive change in the Oil and Gas Industry.”

The Petroleum Industry Act which Buhari on Aug. 16 signed into law provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

Recall that the Senate had passed the bill on July 15 while the House of Representatives did the same on July 16.

NECA said, “Expectedly, we look forward to a more robust industry with growing investor’s confidence and creation of more employment opportunities for the generality of Nigerians.’’

The Director-General said that the relevant changes to the governance, administration, regulatory and fiscal framework of the petroleum industry would enhance transparency.

He said also that it would further position the industry to contribute effectively to national development.

Olawale noted, however, that some provisions of the act were far-reaching with various degrees of implication and consequences for operators in the industry.

“We urge government to create a platform of proactive and continuous engagement with the operators in the sector for a smooth implementation of the provisions of the act,’’ he said.

Also, the General Secretary, Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Mr Afolabi Olawale, commended the president, saying it was a welcome development.

“After two decades of our national efforts to put a law into place to replace the old laws in the industry, PIB is a welcome development.

“There has never been in the history of man a perfect law; every law that is man-made is generally meant to be improved upon as situation arises.

“Now we can have something to work with; this will boost investors interests and confidence in our system,’’ he said