Okowa urges speedy passage of PIGB to deepen development of oil, gas sector

Gov. Ifeanyi Okowa of Delta on Tuesday called on the House of Representatives to speed up the passage of the Petroleum Industry Governance Bill (PIGB) to deepen development in the oil and gas sector.

The governor made the call when the Nigerian Ambassador to the Socialist Republic of Vietnam, Amb. Francis Efeduma, visited him in Asaba.

Our correspondent reports that PIGB, formerly known as Petroleum Industry Bill (PIB), was passed by the Senate in May.

The bill is now before the House of Representatives for concurrence approval before it is transmitted to the President for assent.

The governor said that the passage of the bill would no doubt encourage investment in the sector, particularly in the gas sector.

“We will continue to call on the National Assembly to speed up the issues concerning the bill because it is important for further development, particularly in the gas sector.

“The gas sector has a lot of potential, particularly in the petro-chemical industry sector.

“I believe that with a well spelt out rules of engagement in the bill, there will be more investments in the gas sector,” he said.

He said that the passage of the bill would attract more foreign investment because of the country’s stable foreign exchange policy.

According to him, a stable foreign exchange policy and a lot of work being done for a stable power supply will encourage many investors in the sector.

“I believe too that the sector will be more attractive because the country is the most populous African nation.

“Besides, Delta is investor-friendly due to a lot of its resources waiting to be tapped.

“Apart from oil and gas, the state has fertile soil for the cultivation of rice, oil palm and cassava, among others,” Okowa said.

Earlier, Efeduma assured that as an ambassador he would attract more investors to the state and country.