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Nigerian Businesses in Favour of Petroleum Bill

Petroleum Industry Bill Designed to Combat Corruption in Nigerian Oil Market

Nigerian Businesses affirmed on Monday, their desire for the Nigerian parliament to pass the Petroleum Industry Bill, in an attempt to drive corruption out of Nigeria’s oil and gas industry. The bill has been stuck in parliament for 5 years however BMI are expecting it to be passed by early 2014. The LCCI said on behalf of its registered businesses…

Enacting a competitive, inward looking Petroleum Sector Act, the PIB by the Federal Government of Nigeria is germane to curbing corruption and other forms of fiscal leakages in the oil and gas industry.

While we note that the passage and implementation of the PIB will not entirely eliminate the problem, it would expand investment, curbing corruption and other forms of fiscal leakages, further stabilizing the economy.

The LCCI is one of Nigeria’s most influential lobbying groups and has noted members such as Shell and ExxonMobil.

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