By Adaobi Rhema Oguejiofor
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has said that the Petroleum Industry Act (PIA) 2021 is one of the most audacious attempts that have been made to rebuild Nigeria’s petroleum industry.
Wabote stated this, while speaking at the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF 2023), in Bayelsa State. He said that the Act has provided investors with more clarity on the business environment, and will soon start to yield the results for which it was created.
According to him, opportunities driven by policies, guidelines, regulations, and statutes are what attract investors because with this policies, come clarity on the framework that will govern business endeavours. He added that several policies have been formulated and implemented by the Government in the quest to stimulate economic growth and development.
Wabote expressed that policies, such as the automotive gas policy, which advocates for the use of compressed natural gas (CNG) as an alternative fuel for vehicles, have created a wide scenery of opportunities in the supply and installation of transformation kits in vehicles in order to enable them use CNG. He added that several industries have also installed kits that will enable their power generating plants to utilize CNG and in some cases LNG instead of diesel, which helps manage cost.
His words: “These policy initiatives have led to the creation of several businesses and a surge in the local utilization of gas. For example, the annual consumption of LPG increased to 1.4million tonnes in 2022, from the 360,000tonnes recorded in 2015.
The NCDMB Boss further stated that it is important to note that every policy, regulation, or statute holds a lot of opportunities that can be harnessed and utilized to achieve significant benefits.