Adedayo Akinwale in Abuja

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, has said that the evolution in the petroleum industry has been made possible by the passage of the Petroleum Industry Act (2021).

He described the PIA as comprehensive, sweeping legislation that reformed the governance, administration and fiscal framework of the Nigeria Petroleum Industry.

Abbas stated this on Monday in Abuja at the first annual downstream petroleum week organised by the House Committee on Petroleum Resources in collaboration with the Ministry of Petroleum.

He noted that Nigeria is at a critical point in its drive for industrialisation, saying the conference could not have come at a better time. 

The Speaker emphasised that the oil and gas industry, especially the downstream sector, is witnessing an unprecedented revival under the leadership of President Bola Tinubu,  whose Renewed Hope Agenda is reforming and revitalising key sectors of the economy. 

He pointed out that the effective take-off of the Dangote Refinery marked a turning point in Nigeria’s quest for energy self-sufficiency.

Abbas said the anticipated emergence of other private indigenous refineries underlines the need for the National Assembly to continue to create a functional environment for industries to thrive.

He said he cannot stress enough the imperative of this conference and its implications for strengthening the systems around the petroleum sector for improved productivity and accountability.

Abbas stated: “The evolution in the petroleum industry today has been made possible by the landmark passage of the Petroleum Industry Act (2021), a comprehensive, sweeping legislation that reformed the governance, administration and fiscal framework of the Nigeria Petroleum Industry.

“That law restructured the NNPC, transforming it into a commercial entity and established such regulatory bodies as the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), thus renewing investors’ confidence, reducing oil pilferage, promoting transparency and competition, and generally improving operational efficiency.

“Our legislative responsibility has always been to craft policies, enact laws, and provide the oversight that will strengthen the downstream sector and ensure that it contributes to a more secure, efficient and resilient Nigerian economy.”

The Speaker stressed that the outcome of conferences such as this will not only make the laws they make more pertinent and productive, but ensures that it would receive the avid cooperation and support of industry leaders. 

He claimed that the imperative of effective legislation in enhancing the petroleum downstream sector cannot be overemphasized. 

Abbas said this maiden annual downstream petroleum week therefore reflects the National Assembly’s unwavering commitment to evidence-based policymaking, stakeholder engagement and genuine desire to transform the petroleum sector. 

Earlier, the Chairman of the committee,  Hon. Imo Ugochinyere, said the summit was more than a formal meeting; it was a national platform for reflection and renewal.

He added that the conference also brought together the public and private sectors to discuss how best to reposition Nigeria’s downstream petroleum industry as a driver of growth, innovation and energy self-sufficiency.

Ugochinyere said the committee was aware of the recent labour concerns involving Dangote Refinery and sector unions. 

He said while such issues are not uncommon in developing economies, they must never be allowed to undermine productivity or national stability.

The chairman said: “I therefore call upon both labour unions and industry operators to always pursue dialogue over disruptions at all times. The House Committee stands ready to facilitate peace, fairness and mutual respect in all industrial engagements.

“Our shared goal must be to protect jobs, sustain businesses and promote Nigeria’s economic sovereignty.”

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