Petroleum Industry Act, an outline to investment, job opportunities – Wike

By Chioma Nnodim

Minister of the Federal Capital Territory, Barr Nyesom Wike, has said that the Petroleum Industry Reform Act (2021), has opened the door to greater investment, innovation, and job opportunities in Nigeria.

The Minister also said the Act represents a watershed moment in the nation’s history, stressing that with its passage, the country has laid the groundwork for a more transparent, efficient, and competitive petroleum industry.

Wike, stated this at a two-day retreat, organised by Members of the House of Representatives on Economic Transformation and Development Towards Effective Implementation of the Petroleum Industry Reform Act (2021) and Tax Reforms/Modernisation, held in Abuja.

The Minister who was represented by the FCT Minister of State, Dr. Mariya Mahmoud, noted that the true impact of the Act would be realized through effective implementation.

The Minister, therefore, commended the Speaker and leadership of the House of Representatives for organizing the programme, adding that the retreat demonstrates the unwavering dedication to serving the people of Nigeria.

According to him, “Your role as legislators is pivotal in shaping policies that drive economic growth, foster innovation, and ensure equitable development for all Nigerians.

“As representatives of the people, it is incumbent upon us to ensure that the provisions of this Act are translated into tangible benefits for all Nigerians. “We must work tirelessly to foster an enabling environment for investment, promote local content participation, and uphold the highest standards of governance and accountability in the petroleum industry.”

While noting that the imperative of tax reform and modernization could not be overstated, the nation’s tax system must evolve to reflect the dynamic nature of the economy and the realities of the 21st century.

“By simplifying tax procedures, closing loopholes, and incentivizing compliance, we can enhance revenue generation, promote investment, and spur economic growth,” he affirmed.