VICE-PRESIDENT Yemi Osinbajo on Thursday assured that Federal Government would quickly pass legislation that would create enabling environment to make oil and gas sector vibrant. The vice-president said this in Abuja while declaring the first-ever Nigeria International Petroleum Summit (NIPS) closed.

He said “I will like to assure all of Federal Government of Nigeria’s commitment to creating enabling environment for oil and gas sector to achieve its destiny in Africa.

“As you are aware, in our determination to introduce legislation that will remove encumbrances to efficient conduct of oil and gas businesses and learning from past experience, we split the omnibus Petroleum Industry Bill to a number of proposed legislations.

“Some of the proposals have been approved already by Federal Executive Council for presentation to National Assembly and we believe this will be done speedily.

“Already, we are seeing signs that a lot of work has been done by the National Assembly.”

Osinbajo said it was becoming increasingly clear that Africa had to look within for solutions to resolve the challenges that impede the growth of economies, commerce and of economic growth generally.

According to him, it is necessary for African countries to join the league of oil and gas producing states and to cooperate among the old and the new in the industry.

He added that “with the largest gas reserves in Africa and the seventh largest in the world, over 38 billion barrels of oil reserves and daily production in excess of two million barrels and the continent’s largest concentration of skilled manpower from the oil and gas industry built over 30 years or more, Nigeria’s experiences should naturally be useful to other African countries.

“The NIPS, therefore, provides good opportunity for experiences among the large and small, the old and the new and the potential oil producing states in Africa.

“The summit and its side events should encourage the growth of local content in Africa’s oil and gas industry.”

The five-day summit which opened on Feb. 19 had 32 countries in attendance and recorded more than 1,000 delegates and 92 exhibition stands. (NAN)

– Feb.  22, 2018 @ 19:40 GMT |