Institute of Directors points ways to facilitate successful implementation of Petroleum Industry Act.
Written by News Room on May 2, 2022
The Institute of Directors (IoD) highlighted important areas to be reviewed by the authorities to engender the successful implementation of the Petroleum Industry Act (PIA).
President, IoD, Dr Ije Jidenma, gave the advice in a policy paper on Monday in Lagos.
Jidenma said that while there was no such thing as a perfect piece of legislation, recent events pointed to implementation headwinds.
She stressed that Nigeria in its implementation of the PIA must send the right signals consistent with the outlined noble objectives.
Jidenma outlined the institute’s concern with its implementation to include stalled downstream deregulation, implementation complexities, need for gas investment incentivising, and Environmental, Social and Governance (ESG) issues.
According to her, the Federal Government’s decision to stall the Act raised further questions on section 53 (7) which requires NNPC Ltd and any of its subsidiaries to conduct their affairs on a commercial basis in a profitable and efficient manner without recourse to government funds.