{"id":32672,"date":"2021-08-17T16:34:28","date_gmt":"2021-08-17T15:34:28","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=32672"},"modified":"2021-10-07T00:43:36","modified_gmt":"2021-10-07T00:43:36","slug":"signing-pib-into-law-historic-neiti","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/signing-pib-into-law-historic-neiti\/","title":{"rendered":"Signing PIB into law historic \u2013 NEITI"},"content":{"rendered":"<p>The Nigeria Extractive Industries Transparency Initiative (NEITI) has described as a historic development, the assent of President Muhammadu Buhari to the Petroleum Industry Bill (PIB).<br \/>\nThe Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, said this in a statement signed by Mrs Obiageli Onuorah, Head Communication and Advocacy, in Abuja.<br \/>\nOrji said the new Petroleum Industry Law had ended decades of uncertainty concerning the future of Nigeria\u2019s oil and gas sector.<br \/>\n\u201cThe new law has opened a new phase of wider opportunities in the oil and gas industry.<br \/>\n\u201cFor us in NEITI, President Muhammadu Buhari has broken new grounds, created new business horizon built on healthy legal frameworks with realistic optimism for inflow of investments, revenue growth and job opportunities,\u201d he said.<br \/>\nHe applauded the Presidential assent to the bill, adding that NEITI looked forward to playing active roles in designing a new future for Nigeria\u2019s oil and gas industry under the new Petroleum Industry Act.<br \/>\n\u201cThe signing into Law of the PIB has demonstrated government\u2019s resolve to strengthen governance processes and systems, especially in the extractive industry through an institutional and legal framework.<br \/>\n\u201cNEITI is encouraged by the development,\u201d he noted.<br \/>\nOrji further expressed delight that the \u201cThe Petroleum Industry Law will provide the dynamic legal governance framework required to re-position Nigeria\u2019s petroleum industry to fully embrace competition, openness, accountability and professionalism.<br \/>\nAccording to him, the law will bring about better returns on investments to both companies and government.<br \/>\n\u201cI want to also use this opportunity to call on companies, government agencies and civil societies involved in the oil and gas sector governance to give this law a chance to succeed.<br \/>\n\u201cNEITI will study the contents of the new law and work with national and global partners, especially the EITI to use the law to open the Nigeria oil and gas sector for transparency, accountability and inflow of foreign direct investments into Nigeria.<br \/>\n\u201cNEITI is hopeful that the huge revenue losses which Nigeria has witnessed over these years as a result of process lapses and weaknesses in previous laws will be checked, while restoring investors\u2019 confidence in Nigeria\u2019s oil and gas sector,\u201d he said<br \/>\nPresident Buhari on August 16 assented to the PIB, which was passed by the two chambers of the National Assembly in July.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-32672\" data-postid=\"32672\" class=\"themify_builder_content themify_builder_content-32672 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The Nigeria Extractive Industries Transparency Initiative (NEITI) has described as a historic development, the assent of President Muhammadu Buhari to the Petroleum Industry Bill (PIB). The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, said this in a statement signed by Mrs Obiageli Onuorah, Head Communication and Advocacy, in Abuja. Orji said the new Petroleum [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[406],"class_list":["post-32672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-neiti","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Signing PIB into law historic \u2013 NEITI - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/signing-pib-into-law-historic-neiti\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Signing PIB into law historic \u2013 NEITI - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Nigeria Extractive Industries Transparency Initiative (NEITI) has described as a historic development, the assent of President Muhammadu Buhari to the Petroleum Industry Bill (PIB). 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