Nigeria needs Petroleum Industry Bill- Omo Agege

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Sen. Ovie Omo-Agege, Deputy Senate President

Nigeria needs to pass the Petroleum Industry Bill (PIB) as soon as possible to ensure the country gets the maximum benefits from its petroleum resources before they dry up, Deputy President of the Senate, Ovie Omo-Agege, has said.

Crude oil, which contributes almost 80 per cent to Nigeria’s gross domestic products (GDP), is projected by experts to dry up in the next 30 to 40 years.

With technological breakthroughs facilitating the discoveries of cheaper and more reliable alternatives to crude oil, Mr Omo-Agege said the Nigerian government should swiftly move to clear the issues making it difficult for it to explore, produce and sell its crude oil while the market is still there.