Former house of representatives member, Ife Federal Constituency, Hon. Rotimi Makinde has said it is difficult to overestimate the importance of crude oil in the Nigerian economy. Without Petroleum Bill, Nigeria is going nowhere.
He said, the Petroleum bill if approved will bring substantial new investment to Nigeria oil and gas industry.
Also, he said Petroleum Industry Bill PIB will ensures effective management of the environment by petroleum operators and administrators.
“It will provide a framework to unleash midstream activities which will open up the market for the supply of gas and other downstream products, for economic growth”.
This bill will further help to protect NNPC property across the country for each host communities shall have delegated authority and roles backed with reward to encourage commitment..
“It is known fact that, the oil industry is the backbone of the Nigerian economy. The benefits of crude oil in Nigeria are evident. It provides 90 percent of the country’s export revenues. Nigeria is the first in Africa and the eighth in the world when it comes to oil export”.
“Oil production brings about a billion investments in the country’s economy as well as the development of related sectors of the economy and infrastructure”.
“Besides, it supplies new jobs for Nigerian citizens and improvement of social and living standards in general”, he said.
“When was oil discovered in Nigeria? It was discovered in 1956 at Oloibiri in the Niger Delta following half a century of oil exploration in Nigeria. Since 1907, several companies have attempted to discover oil of commercial value. But they failed”.
“The case got off the ground when Shell and British Petroleum got the license. The company began its search work in 1937”.
At last the oil discovery in Nigeria was made by Shell-BP. The first commercial oil well was drilled in 1958.
“The quality of Nigerian oil has the highest rate. Oil production is also carried out on the continental shelf, but mainly oil reserves in Nigeria are extracted in the low deltas of the Niger River”.
Makinde, was one of the 7th assembly member that worked on the bill and his oil and gas experience was put at its best.