The Lagos Chamber of Commerce and Industry (LCCI), has challenged the federal government to accelerate the process that will lead to quick resolution of grey areas that have delayed conclusion of the Petroleum Industry Bill.

The LCCI which represents a wide spectrum of the country’s private sector identified the importance of the PIB which it said is very critical for Nigeria, saying the country can no longer afford delay in dealing with that piece of legislation.

President of the Chamber, Mr. Babatunde Paul Ruwase, speaking at a stakeholders’ forum on PIB organised by LCCI in Lagos, explained that introduction of the PIB was underscored by the fact that the oil and gas industry is very strategic to the economy of Nigeria, and the industry currently accounts for about 80% of government revenue and about 95% of foreign exchange earnings.

He said, “We are concerned that in the face of rapidly evolving competition in the global oil and gas market, and the increasing challenges such as insecurity and uncertain investment climate, the uncertainty around the PIB continues to undermine the confidence of investors in the sector.”

Source: Oriental News