Nigeria needs pro-growth legislation in oil and gas sector – AEC
Executive Chairman of African Energy Chamber said passing pro-growth legislation will boost investor confidence and incentivize growth.
The Executive Chairman of African Energy Chamber (AEC), NJ Ayuk, has called on the Nigerian government and key stakeholders in the oil industry to collaborate to improve governance and create an enabling environment for investment. Ayuk, who is leading an industry delegation to Nigeria this week, said passing pro-growth legislation will boost investor confidence and incentivize growth.
"The oil industry is going to continue being the largest investor in the country and recognizes its responsibility to work with all Nigerians to ensure that the resources benefit every Nigerian and the dignity of work becomes real," Ayuk, who is also the CEO of Centurion Law Group, said upon his arrival in Lagos. "Passing pro-growth legislation that incentivizes growth and provides confidence to all investors is important."
According to a statement released by the AEC on Wednesday, Nigeria is Africa’s biggest oil producer with a massive investment potential in oil and gas. The chamber said more industry collaboration on key issues pertaining to this sector, including local content development, the signing of the Petroleum Industry Bill, an enabling environment for start-ups and SMEs, monetization of gas for domestic use, massive investment in energy infrastructure and enhancement of energy security are paramount.
Ayuk said these issues should be placed in very high priority to increase business and job creation opportunities. He stated that the chamber will continue to be bullish about the potential of Nigeria and the investment opportunities for energy industry players.
“Many young Nigerians look at the energy industry for training, empowerment, innovation, and not just any job but good jobs," Ayuk added.
AEC also praised the success of the Nigerian Oil and Gas Industry Content Development Act, which has led to the establishment of competitive indigenous Nigerian exploration, production and services companies. Nigerian entrepreneurs in the industry have also been able to expand across Africa, thanks to the promotion of local capacities.
“At the African Energy Chamber, we are seeing a great number of Nigerian companies seeking to expand across Africa, including Senegal, Ghana, Equatorial Guinea, Gabon, Congo and South Sudan,” added NJ Ayuk. “We need to encourage African companies to take the lead in the development of the continent’s oil & gas industry.”
He urged the oil and gas entrepreneurs to make efforts to participate at the APPO Cape VII Congress & Exhibition taking place in Malabo on April 1-5 and also at the 13th German-African Energy Forum holding in Hamburg on March 27-28. Ayuk said African companies should be more represented at these international fora, where decisions – which ultimately affect them – are made.
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