As crude oil prices continue to rise above $100 per barrel, President Muhammadu Buhari said there is no excuse for Nigeria not to reap the gains, especially with the current Petroleum Industry Act, PIA.
President Buhari stated this on Monday at the opening ceremony of the
5th edition of the Nigeria International Energy Summit at the State
House Abuja.
He said the enabling investment environment which has been the bane of
the industry has been taken care of by provisions in the PIA.
Buhari, who is also the petroleum minister, said towards reaping the
gains, vast reforms have been done in the petroleum industry, including
the incorporation of the Nigerian National Petroleum Company Limited,
NNPCL, as a limited liability company with a target to make it the
biggest, the most capitalised and the most profitable company in Africa.
