LCCI praises PIA as opportunity to grow oil, gas

Lagos Chamber of Commerce and lndustry (LCCI) has said that the Petroleum Industry Act will open windows of opportunities in the oil and gas industry.
It said that the Act would herald renewed optimism for increased inflow of investments, revenue generation boost and job opportunities.
The Director-General of LCCI, Dr. Chinyere Almona, said the new law has put an end to decades of uncertainties concerning the future of the oil and gas industry in Nigeria.
“The Petroleum Industry Act (PIA) provides a robust legal framework that will support the reforms required to position the industry as an investment haven that attracts investors from across the globe.
“With the emergence of a more structured industry, it offers a level playing ground that can attract massive Foreign Direct Investments (FDIs) into the country.
“This Act will also promote more competition that could bring about a more efficient system, more product choices, and lower prices in the long term”.
However, she argued that the full benefits of the PIA 2021, can only be harvested if government pays attention to the implementation of the provisions of this Act to ensure that all Nigerians benefit from the potential opportunities of the Act.