Federal Government
says it has initiated plans to fix investments draught in the upstream
sector of the nation’s oil and gas industry. Finance minister, Olusegun
Aganga, disclosed this in Abuja on Monday while addressing delegates at
the ongoing Nigeria Oil and Gas (NOG) Conference.
Mr. Aganga said that
major oil companies had slowed down investment in the sector in
expectation of the passage of the Petroleum Industry Bill (PIB) pending
before the National Assembly.
He further said that the ongoing reforms
in the nation’s banking sector were expected to boost investment in the
sector, which would have remarkable impact on the energy sector. PIB is
an act to establish the legal and regulatory framework for operations
in the Nigerian petroleum industry.
