Oil & Gas
AN Economist, Titus Okuroumu, has advised the National Assembly to urgently pass the Petroleum Industry Governance Bill (PIBG) in its totality to boost inflow of foreign capital.
Okuroumu, a former Director in the Central Bank of Nigeria (CBN) made the call in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
According to him, the passage of the bill will adequately redefine the oil sector, create more jobs and boost the recent local content initiative of the government.
“The bill will properly structure and reposition the oil sector to entice investors for businesses which are yet to be harnessed,” he said.
He also advised that the government should let go its control of some major utilities to improve the country’s infrastructure.
“The policy of handing over the airport to experienced private investors should be sustained and hastened to ensure new investment into the industry.
“The initiative will bring in long-term investors and improve the airport infrastructure, thereby making the industry to be reckoned with globally,” he said.
NAN reports that the foreign capital inflow into the economy rose by 148 per cent to $4.15 billion in third quarter of 2017, according to the Financial Derivatives Monthly Economic Update.
The report titled: “Hot Money: Foreign Direct Investment and the Central Bank of Nigeria’s Monetary Policy,” attributed the increase to renewed investors’ confidence in the economy.
It said a further breakdown showed that foreign portfolio investment (FPI) – hot money, accounted for 67 per cent of inflows, while Foreign Direct Investment (FDI) and others accounted for 33 per cent. (NAN)
– Feb. 21, 2018 @ 14:46 GMT |
Tags: Expert says foreign capital inflows will surge with passage of PIGB
