October 1, 2022

The Independent Petroleum Marketers Association of Nigeria (IPMAN), says President Muhammadu Buhari will be remembered for the passage of the Petroleum Industry Act (PIA) which has repositioned the oil and gas sector.

IPMAN’s National President, Mr. Chinedu Okoronkwo, made this known in an interview with the News Agency of Nigeria (NAN) in Lagos while reacting to Buhari’s 62nd Independence Anniversary broadcast.

Buhari had addressed the nation to mark the Oct. 1 Independence Anniversary celebration.

Okoronkwo said the signing of the PIA by the President on Aug. 16, 2021 had laid to rest, almost two decades of failure by successive administrations in the country.

“Like the President said in his speech, the passage of the PIA remains a laudable move to reposition Nigeria’s oil and gas industry.

“The Buhari-led administration will be remembered for being able to achieve this feat after almost two decades of failure by its predecessors.

“What the PIA has done is that it has removed uncertainty from the industry and created a clear fiscal framework that will encourage investors to come in, ” he said.

Okoronkwo said though some key aspects of the Act was yet to be implemented especially the full deregulation of the downstream sector, the impact made so far was commendable.

He said they included the creation of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Petroleum Regulatory Commission with clear mandates.

The IPMAN president said it also included the transformation of the Nigerian National Petroleum Corporation stock to the Nigerian National Petroleum Company Ltd., with emphasis on commercialisation and competition.

Okoronkwo said the PIA was also driving gas development in the country, especially with the declaration of the Decade of Gas by the Federal Government.

He said: “As we celebrate our 62nd Independence Anniversary today, we as Nigerians should remain grateful to God for our peaceful coexistence despite our numerous challenges as a country.

“IPMAN believes that these challenges are surmountable if we are focused on what unites us as a people and work together for the socio-economic and political development of the nation.

“As marketers and key players in the downstream sector, IPMAN will continue to support efforts of the government to ensure smooth distribution of petroleum products across the country. (NAN)