The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture has commended the federal government for the passage of long awaited Petroleum Industry Bill (PIB).

The President of NACCIMA, Ide John Udeagbala, who gave the commendation, noted that the PIB has been before the National Assembly for over 18 years.

According to Udeagbala, there is hope that passage of the bill will bring the much awaited and  needed reforms in the Nigerian oil and gas sector.

He said, “It will lead to improved involvement of the Nigerian Private sector in the oil gas sector and improve confidence of foreign investors who have complained of lack of clear  appropiate legal framework in the Nigerian oil and gas sector.”

The NACCIMA National President urged  all stakeholders to work concertedly to ensure that  Bill will improve the life of the host oil community, ensuring sustainable development of the environment in the oil producing areas.

He stated that that while the passage of the Bill was a big relief to its faithfuls, transparent  implementation was key to ensure its desired objectives.

He pointed out that NACCIMA which have been involved and closely followed the process of passage of the Bill will work with all stakeholders to ensure the radical changes contained in the Bill are effective as the Bill becomes historic legal framework  for the transformation of the oil sector with positive effect on the nation’s economy,  the  energy sector and  expands employment opportunities and well being of the people.