– Nigeria has lost 200 billion dollars of investments
– This is due to the country’s inability to legislate the proposed reform in oil and gas
– This was revealed by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has revealed that Nigeria has lost 200 billion dollars of investments.
Nigeria’s minister of petroleum, Dr Ibe Kachikwu
According to PENGASSAN, this is due to Nigeria’s inability to legislate the proposed reform in oil and gas.
This was made known by the association in a position paper sent to the chairman and members of the Senate Joint Committee in the Petroleum Industry Governance Bill in Abuja.
PENGSSAN’s position was made known by a seven-man committee meeting headed by Chika Onuegbu on Wednesday, December 7.
“We will not have also lost 100 billion dollars potential earnings in five years from 2010 to 2015 had the PIB been passed into law in 2009.
“PENGASSAN’s position on the oil and gas reform remained the same whether the bill remains as a single document or broken into parts since the minister of state for petroleum has said that PIB will be divided into six,” the paper said.
The paper advised the senators not to hearken to the concerns of stakeholders and workers and ensure that the Bill was passed.
In the next five years, Nigeria will receive China’s overseas’ direct investment worth $750 billion, this is according to China’s ambassador to Nigeria, Mr Zhou Pingjian.
Meanwhile, Nigeria has reached a $5billion settlement with international oil companiesafter a protracted dispute.
The money will however be paid in the form of barrels of new crude production over the next five years.
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