Connect with us

BUSINESS

PIB: Nigeria remains best place to invest – Expert

Published

on

Prof. Wumi Iledare, a Professor of Petroleum Economics, says Nigeria remains best investment destination with effective fiscal framework in the proposed Petroleum Industry Bill (PIB).

Iledare disclosed this at an Education Series for Media on reforming the oil and gas sector in Nigeria, in Lagos, on Wednesday.

He said that the proposed PIB remained a varitable tool to ensure needed reform of the oil and gas sector in Nigeria.

He said that the time for government to make sacrifice for the sector to grow was now as the sector required huge investment to help transform the economy of the country.

He said a good fiscal framework must be flexible to change with trend to help bring the desired investments.

Iledare, former president of Nigeria Association of Energy Economics (NAEE), urged the media to ensure proper education of Nigerians on the importance of the bill.

“Most countries are focusing on energy transition and if we do not ensure good policy that will drive investment, our oil will be a waste to us.

“We need an effective policy for the sector to enable the country to effectively use oil revenue to develop other sectors of the economy.”
We need to create business hub to grow our economy, this is what PIB will facilitate when passed into law,” he added.

Also, Mr Israel Aye, an energy expert, also said that without good fiscal and legal framework, no investment would be made in the sector.

He said that no investor would invest in a place of uncertainty, adding that none would also want to invest where it would incure loses.

Edith Ike-eboh

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

Comments