There is urgent and critical need for review of the Petroleum Industry Act, PIA, after wide stakeholder engagement and consultation to address impediments hindering investment and ease of doing business, the Nigerian Gas Association, NGA, said.
He however emphasized the need for a swift review of the PIA to address gaps currently hindering the gas sector’s growth. He also highlighted some of the issues such as multiplicity of taxation, which he noted that such taxation requirements increase the cost of doing business and, in some cases, result in higher end-user gas prices, reducing the attractiveness and rapid adoption of natural gas.
The NGA President also emphasized the need to develop commercial and fiscal terms for gas development , to propel competitive investment. He explained that there is also the need to review the fiscal Incentives and develop commercial and fiscal terms for gas development , to propel competitive investment. This he stated will boost and sustain gas supply to meet the nation’s needs.