Monday, February 08, 2021 / 8:34PM / NNRC / Header Image Credit: Twitter; @OfficialNCDMB
The Nigeria National Resource Charter (NNRC) has commended recent efforts by both chambers of the National Assembly (NASS) towards ensuring the passage into law of the Petroleum Industry Bill (PIB) this year.
The NNRC, a not-for-profit organization supporting the extractive industry, government, civil society, and citizens to efficiently harness Nigeria's natural resources for public good, produced Nigeria's most comprehensive and up-to-date report on developments in the petroleum sector tagged 'The Benchmarking Exercise Report (BER)' on the state of governance, strengths, and weaknesses in Nigeria's management of its petroleum resources.
The NNRC believes that with the commitments and promises by the leadership of both chambers; Senate and the House of Representatives (HoR) exemplified by the public hearings on the Bill which took place from Monday, 25th January to Thursday, 28th January 2021, there is need to ride the momentum and get all stakeholders on board to achieve what undoubtedly would be the most profound piece of legislation for the transformation of the Nigerian economy.
Having consistently highlighted the weaknesses in two significant aspects of resource management in Nigeria, namely, the contentious issues surrounding the management of host communities impacted by extraction, and the management of the Nigerian National Oil Corporation (NNPC), the NNRC urges the Federal Government to finally resolve the pervasive issues facing the petroleum sector. The Federal Government is encouraged to do this to ensure that Nigeria will be able to meet global best practices and to effectively 'identify, explore, account for, mitigate or compensate for the negative effects of extraction at all stages of the project cycle" and run a National Oil Company (NOC) that is effective accountable, with well-defined mandates and an objective of commercial efficiency."
While addressing the consistent gaps revealed by the NNRC's BER in the past, the NNRC urged the Federal Government to also prepare for the future, by earnestly refocusing the country's energy policies to accommodate the present realities with emerging developments in global energy consumption which encourages the adoption of renewables to support existing fossil fuels. In doing so, the government will not only ensure that Nigeria's natural resources are managed in a way that 'secures the greatest benefit for citizens through an inclusive and comprehensive national strategy, legal framework, and competent institutions', it will also position the Nigerian economy to benefit in the future.
The NNRC said it wished to reiterate key submissions made in its memoranda to the National Assembly, advocating that the PIB provides:
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