Mr. Nyesom Wike, the Minister of the Nigerian Federal Capital Territory (FCT), has highlighted the significance of the Petroleum Industry Reform Act (2021) as a major milestone for Nigeria, facilitating increased investment, innovation, and job creation.
Speaking at a two-day retreat organised by Members of the House of Representatives on Economic Transformation and Development for the Effective Implementation of the Petroleum Industry Reform Act (2021) and Tax Reforms/Modernization in Abuja, Wike underscored the transformative potential of the Act.
Represented by Dr. Mariya Mahmoud, the FCT Minister of State, Wike emphasised the crucial role of effective implementation in realising the Act’s full benefits. He commended the Speaker and leadership of the House of Representatives for organising the retreat, affirming their dedication to serving the Nigerian people.
He stated, “Your role as legislators is pivotal in shaping policies that drive economic growth, foster innovation, and ensure equitable development for all Nigerians.” He continued, “As representatives of the people, it is incumbent upon us to ensure that the provisions of this Act are translated into tangible benefits for all Nigerians.”
Wike stressed the importance of creating an enabling environment for investment, promoting local content participation, and upholding governance and accountability standards in the petroleum industry.
He also highlighted the significance of tax reform and modernisation, noting that the nation’s tax system must adapt to the changing economic landscape and realities of the 21st century.
