Business Nigeria Unlikely to Pass Petroleum Industrial Bill Before 2015 Elections- Finance Minister

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LequteMan

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Nigeria's long-awaited Petroleum Industry Bill (PIB) is unlikely to be voted on by parliament before the 2015 general elections in February, finance minister Ngozi Okonjo-Iweala said on Tuesday according to REUTERS.

It has taken more than five years to bring the bill, which is expected to reform Africa's top oil producer's oil taxes and licences and to overhaul the state-run Nigerian National Petroleum Corporation, to a vote due to political wrangling over its many clauses.

"We are not going to see, I don't think, any action before the election in terms of passage (of the bill). But after the election. I think the petroleum sector will have more certainty and we will see FDI go up in that sector," she told investors on a conference call.

She added that the oil sector had seen low foreign direct investment (FDI) due to the delay.

#PIB #Nigeria #Petroleum #OkonjoIweala

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