The Nigerian Gas Association (NGA) has called for an immediate and critical review of the Petroleum Industry Act (PIA) after wide stakeholder engagement and consultation to address impediments hindering investment and ease of doing business.
Akachukwu Nwokedi, the president of the association, made the call during a media parley with energy correspondents on Wednesday in Lagos, Nigeria.
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Nwokedi acknowledged PIA’s enactment in 2021 as a welcome development that provides regulatory clarity for the petroleum sector and specific provisions for the gas industry.
He also commended the fiscal aspects of the law for its potential to transform the gas sector. However, Nwokedi emphasised the need for a swift review of the PIA to address gaps currently hindering the gas sector’s growth.
These issues, as highlighted by NGA members, include the multiplicity of taxation, payment in US dollars, and fiscal incentives.
Nwokedi emphasised the NGA’s crucial role in advocating for the Nigerian gas industry, promoting new investments, protecting industry interests, and facilitating a just energy transition.
According to the president, the NGA’s commitment over the next two years is to strategically focus on increased advocacy, supporting the decade of gas implementation, capacity building, enhancing industry communication, and industry governance and safety standards.
“Our focus will also be on the gas industry resource centre, annual training for energy editors, global advocacy and investment promotion, increased participation of Nigerians, Diversity, Equity, and Inclusion (DEI), and relaunching of the NGA advisory group.”
Nwokedi noted that the parley’s objective was to inform about industry issues and solutions while establishing strong partnerships with the media. By working together, the NGA and the media aim to ensure accountability and disciplined delivery of proposed initiatives, unlocking Nigeria’s potential to become a gas economic powerhouse.
The Nigerian Gas Association (NGA) is the apex non-partisan organization representing various stakeholders within the Nigerian natural gas industry value chain. Established in 1999, the NGA is dedicated to promoting the development of natural gas in Nigeria to benefit the nation and its stakeholders.