The Vice President, Prof. Yemi Osinbajo, while speaking at the recent 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), blamed the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) for the long contracting cycle in the Nigerian oil and gas industry, THISDAY reports.
Osinbajo stated that NAPIMS delays approval processes in the oil and gas sector, stressing that the country should ramp up the industry reform to reduce the bureaucratic bottlenecks in the contracting processes. According to him, studies have also shown that the policy, regulatory and commercial institutions need to be given a re-focused mandate to ensure “better sector governance, transparency of regulations and operations, accountability of institutions and the removal of opaqueness around the industry.”
Osinbajo said the Federal Executive Council (FEC) had given approval for a new national oil and gas policy, while a new fiscal policy has been developed and is currently undergoing approval processes. He assured that the oil and gas industry would benefit from the federal government’s efforts to improve the ease of doing business and noted that the recent World bank report showed that Nigeria was currently among the 10 most improved economies in this respect.