Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed says the Petroleum Industry Act (PIA) signed by President Muhammadu Buhari will ensure transparency and accountability in the industry and attract investors.
The minister gave the assurances in Washington DC during his engagements with international media organisations.
The minister said the new Act would overhaul every aspect of the nation’s oil and gas production.
“The sole purpose of the PIB is to ensure that there is transparency and accountability in the industry and once these are achieved, we will be able to get more investors,’’
Mohammed said he was glad with news that the President had inaugurated a steering committee for the implementation of the Act.
The Bill signed into law by the President on Monday, had been in the works for nearly two decades.
The minister also reacted to the call by the U.S. urging OPEC and its allies to boost oil output to tackle rising gasoline prices
He said the Department of Petroleum Resources (DPR) was making efforts to increase the country’s daily production.
“The last time I spoke to DPR, production has increased from 1.6 million to 1.9 million barrels a day.
“The ultimate is that we should move to 2.5 million barrels production a day.
“We have to engage the IOC and all stakeholders to see that we can overcome all challenges militating against increasing production,’’ he said.
U.S. President, Joe Biden’s recently expressed the willingness to engage major world oil producers for more supply to help the industry and consumers.
