Nigeria’s minister of state petroleum resources, Mr Timipre Sylva, has warned Nigerians to be wary of their fate as the days of oil are now numbered.

Speaking in Abuja at an interactive meeting with the leadership of the National Assembly, Sylva cautioned that based on global forecasts, oil would be worthless in the next 20 years.

[Also Read] Era of cheap oil coming to an end- IEA

The meeting, which was aimed at engaging in further discussions on the Petroleum Industry Bill that is on the desk of legislators, was attended by officials of the ministry of petroleum resources and the leadership of the National Assembly represented by the President of the Senate, Senator Ahmad Lawan, and the Speaker, House of Representatives, Femi Gbajabiamila and other Leaders of the two chambers.

Sylva, who sought the cooperation of the National Assembly for speedy passage of the PIB, said the country needed to quickly pass the PIB to make the best of investments from the sector before 2040. He forecasted for 50 per cent loss of relevance of crude oil in global market.

[Also Read] No More Fuel Subsidy In Nigeria – NNPC GMD

“It is quite unfortunate that since year 2000 when attempts were made to come up with draft copy of PIB, to 2007, 2009 and 2012 when draft bills were submitted to different sessions of the National Assembly by the executive arm of government, we are yet to put on ground the required laws for effective regulation of the oil industry.

“Twenty years have been wasted in putting the laws in place for a sector that has 20 more years of full relevance going by forecasts already made.

Forecasts in oil industry circles indicate that oil will play less and less role in global economy. Specifically, by year 2040, which is 20 years away, relevance of oil in global economy will reduce by 50 per cent,” the minister stated.

[Also Read] Post COVID-19: Nigeria, Other Oil Nations Risk Recession – Expert

He pointed out that major objective of the bill is to make Nigeria an attractive investment destination. “If expeditiously considered and passed, the PIB will serve as the foundation of investments,” he said. 

Earlier in his remarks, the Senate President said that the PIB seemed jinxed since 2007 and 2019, but the end of the delays is here with the 9th Senate.

“The current effort will surely see the light of the day. It is difficult to put a time frame on when the jinx would be broken through the passage of the bill because details of its contents must be understood and thoroughness applied in its consideration.

[Also Read] Confusion Over Proposed N50 Surcharge For POS Payments At Fuel Stations

“The essence of this meeting between the leadership of the National Assembly and officials of the Ministry of Petroleum and NNPC is to discuss the essence and focus of the Petroleum Industry Bill that has been sent to the National Assembly about two weeks ago.

We announced that the Bill is now in the National Assembly even though it is not before the National Assembly. By tomorrow when the letter of transmission is read on the floor of the Senate and House of Representatives, we will know what it is in the Bill.

“The essence of this meeting is for us to understand what is in the Bill. That is the essence and purpose of the meeting.

[Also Read] Reps Pledge To Prioritize Passage Of Petroleum Industry Bill

“This is just for us to interact with you on the content of the Bill so that we have some first-hand information, understanding and idea of what is in there and of course from there, the interaction will continue maybe at another level with our committees for the processing of the Bill by the National Assembly leading to its eventual passage by the grace of God,” the Senate President said.

By Chibisi Ohakah, Abuja

Be the first to know when we publish an update

More Nigeria Oil and Gas Industry News on Orient Energy Review.

Be the first to know when we publish an update

Leave a Reply