Vice-President Yemi Osinbajo is confident the multiple facets of Nigerias Petroleum Industry Bill (PIB) will be passed into law before the end of the current assembly, which will end on 9 June 2019 with a federal election
Speaking at an Invest Africa question-and-answer session in London last night, Vice-President Osinbajo said that delays to the bill were caused by concerns among the states about a possible reduction in revenues under the fiscal regulation bill, as well as issues with the host communities bill.
However, he said that amendments have been made which he hopes have "put those concerns to rest". The PIB has been debated and amended in both houses of the Nigerian parliament for 17 years and now awaits assent from President Muhammdu Buhairi.
In response to a question from Oil Review Africa, Vice-President Osinbajo told the forum that there were plans for more private sector oil refineries in Nigeria apart from the Dangote Group's mega-refinery project, which is under construction in the Lekki Free Zone near Lagos. He said that the Petrolex Group is building a refinery and other private companies were looking to build smaller refineries in Nigeria.
"There are a few others coming onto the market," he said of the smaller oil refinery projects.
