Abbas reaffirms Nigeria’s commitment to PIA, woo investors to boost oil production

Tajudeen Abbas, Speaker of the House of Representatives, has reaffirmed Nigeria’s commitment to upholding the Petroleum Industry Act (PIA) as a key instrument for attracting global investment and enhancing productivity in the nation’s oil and gas sector.

Represented by Alhassan Ado Doguwa, Chairman of the House Committee on Petroleum Resources (Upstream), the Speaker gave the assurance during the Global Conference on Project 1MMBOPD Incremental Production of Oil in Nigeria’s Petroleum Sector, held on Tuesday at the Dorchester Hotel in Central London.

According to information obtained by BusinessDay, Abbas said the forum serves as a strategic platform for engaging international investors to boost Nigeria’s oil production capacity and strengthen the upstream segment of the economy.

“We have assured prospective investors that the National Assembly remains steadfast in promoting and protecting the sanctity of the PIA as the overarching legal framework governing Nigeria’s oil and gas industry,” he said.

He emphasised that the Act, which provides transparency, stability, and accountability in the management of petroleum resources, is central to creating a conducive environment for sustainable investment.

“This initiative, organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), aligns perfectly with the 10th House of Representatives’ Legislative Agenda and supports President Bola Ahmed Tinubu’s Renewed Hope economic agenda,” Abbas added.

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The lawmaker noted that the forum underscores the government’s determination to leverage policy reforms for economic diversification, job creation, and increased foreign exchange earnings through expanded oil production and local participation.

He also extended commendation to Nigerian citizens and stakeholders in the petroleum sector, assuring that the legislature would continue to support the government in creating a stable and transparent business environment.

“This unprecedented forum will serve as a dependable gateway to Nigeria’s oil and gas industry, fostering partnerships that will drive sustainable economic growth,” Abbas said.