Passage of PIB will Encourage Massive Investments in Nigeria’s Downstream- Oyebanji

Mr. Adetunji Oyebanji, Managing Director of 11PLC

-By Felix Douglas

The Managing Director of 11PLC and Chairman, Major Oil Marketers Association of Nigeria (MOMAN), Mr. Adetunji Oyebanji, spoke at a panel session for Chief Executive Officers (CEOs) during the ongoing Nigeria International Petroleum Summit (NIPS) that the passage of Petroleum Industry Bill (PIB) will take the oil industry to greater heights.

Adetunji was of the view that if the PIB is passed, hopefully, it will develop the country in significant perspectives. He said many players in the industry are waiting for the bill to be passed.

The 11PLC MD, clearly stated that regulation in the industry is focused more on control rather than attracting and encouraging investment that will make business grow to the benefit of the country.   

Stakeholders are hopeful that the PIB will be passed with partnership and collaboration created. “Not many people like to do business in a regulated environment.” There will be opportunities for joint investments on optimizing logistics rather than individual company building infrastructures, it will be collaborative efforts from stakeholders.

There are enormous opportunities that PIB presents for industry players.  

On the decade of gas which the Minister of State for Petroleum Resources, Chief Timipre Sylva is championing because the country has more gas than oil. Oyebanji said it is a critical new development which will open up opportunities for the downstream. It will enhance collaboration among players in bringing gas closer to the people but there is need for a lot of investments especially at the final stage.

Oyebanji spoke on the Compressed Natural Gas (CNG) stations which only the NIPCO group has a network in Benin where the product could be purchased. He advocated for CNG stations to be made available on a larger scale across the country.   

Moreover, opportunities to access finance through collaboration with the Central Bank of Nigeria (CBN) and commercial banks to encourage investment drive that advances business should be an utmost priority.

Compression stations to compress gas should also be activated.

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