missed opportunities

Nigeria’s oil dispute has ‘wasted two decades’; with the green transition, is that wealth lost forever?

By Ruth Olurounbi

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Posted on June 14, 2021 16:05

For decades, oil investment into Nigeria has been stymied by regulatory uncertainty, with successive governments failing to pass the ‘Petroleum Industry Bill’ or PIB. Now, as oil majors worldwide see the green transition coming, they are transitioning out of high-cost environments like Nigeria. The risk is Nigeria has missed out on the swan song of the oil industry.

On Monday, Nigeria’s Senate President Ahmad Lawan said “our expectation is that we’ll pass the PIB within this month of June.”

“I’m sure that at the end of the day, the National Assembly will give this country the kind of legal framework to regulate the oil industry… Companies will be able to attract more funds to this sector, because it’s going to be very profitable,” Lawan said at the Nigeria International Petroleum Summit (NIPS) in Abuja.

“We need a competitive environment that will not only retain businesses in Nigeria, but also attract [those] from other climes… I want to assure you all that the final product of the PIB will ensure a win-win situation for everyone,” he said.

Waiting to see

Last month, Nigeria’s minister of state for petroleum resources, Timipre Sylva, told journalists: “PIB is fully on course and we are very happy because we have focused on that for a long time and

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