The Major Oil Marketers Association of Nigeria (MOMAN) has stated that the passage of the petroleum industry bill (PIB) will lead to a free market for players in the sector.
A free market is an economic system controlled by market forces of supply and demand.
Recall that the senate president, Ahmad Lawan on Monday assured that the national assembly would pass the much-awaited PIB before the end of June 2021.
Speaking at the ongoing 2021 Nigeria International Petroleum Summit (NIPS) in Abuja on Tuesday, Tunji Oyebanji, chairman of MOMAN, said the bill was needed to reposition the industry due to the impact of the COVID-19 pandemic.
He said the oil and gas industry in Nigeria is currently fraught with price regulations, making it unattractive for much-needed investments.
Oyebanji also expressed the association’s support of the full deregulation of the downstream oil and gas sector.
“There are a lot of opportunities that a truly open and free PIB will present if that is what will be made available to us at the end of the day,” NAN quoted Oyebanji.
He said MOMAN was ready to aid the federal government’s autogas scheme to deepen gas utilisation in Nigeria.
Oyebanji, however, noted that there had been little investment in that area and urged the association’s members to collaborate with the government, the Central Bank of Nigeria (CBN), and other commercial banks.