The National Assembly Ad-hoc Committees on the Petroleum Industry Bill (PIB) on Tuesday pledged their support to the quick completion of the Dangote Refinery in Lagos because of its importance to the nation's economy.
The committees also assured Nigerians on the quick passage of the PIB which according to them would make the Nigerian oil and gas industry operate in line with global best practices and attract investors.
The committees made the pledge during an inspection visit to the sites of the Dangote Refinery, Petrochemicals Complex, Fertiliser Plant and Subsea Gas Pipeline projects in Ibeju Lekki, Lagos.
The lawmakers were led on the visit by Sen. Sabo Nakuda, Chairman, Senate Committee on PIB and Mr Mohammed Monguno, Chairman, House Committee on PIB respectively.
They were received by Mr Devakumar Edwin, Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Group.
Speaking with newsmen, Nakuda said refineries were part of downstream operations of the Petroleum Industry, adding that the committee intend to visit all the refineries in the country.
Nakuda said : "We were in Kaduna yesterday and today we are in Lagos. We will also go to Port Harcourt and Warri to know what the industry entails and what needs to be captured in the PIB.
"I am totally overwhelmed with what I have seen at the Dangote Refinery.
Looking at this Investment here, it is unbelievable that a single individual can confront this project at this time of our economic life.
"I am sure that by this time this refinery come on stream that even our currency, the Naira is going to be strengthened because we are spending millions of dollars on importing petroleum products.
"Here we have an edifice that can supply the country's petroleum needs and we as a National Assembly are going to make sure that we give him all the necessary support because it is like a matter of life and death.”
On the PIB, he said the lawmakers were working assiduously to ensure its passage within the next two months.
Also speaking, Monguno said the bill would make the nation's oil and gas industry competitive and attract the much need investments.
"The world is moving away from oil and gas towards renewables and as such there is need for us to maximise our potential that is yet to be exploited particularly with regards to crude and condensates," he said.
According to him, Nigeria has between 10 and 20 years to judiciously utilise its oil and gas resources to develop its infrastructure and transform the country's economy.
He lauded the President of the Dangote Group, Dr Aliko Dangote for having the foresight in embarking on the projects, adding that it would generate a lot of multiplier effects in the downstream sector.
"It will create employment for our teeming unemployed youths,
diversify our economy and help us to boost our foreign exchange reserve," the lawmaker added.
On his part, Edwin lauded the commitment of the government and the legislature to pass the PIB this year.
He said the three million Metric Tonnes Per Annum Fertiliser plant would improve the agricultural sector and stop importation of fertiliser into the country.
Edwin noted that the 650,000-barrels-per-day refinery could meet 100 per cent of the Nigerian requirement of all liquid petroleum products and would have surplus for export.
"The refinery project will create 1,600 permanent jobs and 100,000 indirect jobs. It will save Nigeria over $9.8
9 billion annually through import substitution, " he said. (NAN)
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