Nigeria Lost $80billion Investments In 16 Years – PENGASSAN

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The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Francis O. Johnson, has said 16 years of uncertainty in the nation’s oil and gas sector has led to loss of about $80 billion in investment.

The PENGASSAN Boss spoke at the Save Nigeria Oil and Gas Industry Roundtable Conference in Abuja recently, where he said the inability of successive governments since the advent of democracy in May 1999 to muster the political will and commitment to the development of the sector was worrisome.

“For instance, the 16 years of reforms in the industry is more or less motion without movement as the 6th and the 7th national assemblies could not pass the Petroleum Industry Bill (PIB) into law despite all appeals by various stakeholders.

He said: “So the PIB has been the subject of discourse in the National Assembly for over eight years without any progress thereby creating significant uncertainty in the Nigerian oil and gas industry.”

(BIZWATCH)

 

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