The Nigerian Society of Engineer (NSE) has said that any further delay in passing the Petroleum Industry Bill (PIB) into law will affect the economy.
Engr. Isaac Olorunfemi, the President of the NSE gave this warning on Wednesday in Abuja at a world press conference to herald the World Engineering Conference on Sustainable Infrastructure (or WECSI 2014) to be hosted by Nigeria.
“We therefore call on the National Assembly to please expedite action on the passage of this all-important bill into law,” he said. “Further delay will be more harmful to our economy.”
Olorunfemi reminded the lawmakers of some of the provisions of the bill that make its enactment into a law imperative and urgent: one of them is less government participation in the oil and gas industry, thus minimizing its role and influence, and bringing transparency to policy and regulatory functions.
He said the bill would also encourage domestic gas utilization that will promote rapid industrialization; safe, sustainable and efficient infrastructural development in the sector; deregulation, and indigenous human capital development that will open doors for Nigerians to join the industry workforce, as well as protection of the environment.