The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Thursday urged the Federal Government to create an enabling environment that would stimulate economic growth and free flow of investment.

Mr. Olabode Johnson, the National Public Relations Officer of PENGASSAN, made the call at the 2015 National Association of Energy Correspondents (NAEC) Conference in Lagos.

“We need enabling environment that is supported with the provision and security of infrastructure and fair equitable opportunity for players and operators to stimulate the flow that are required.

“Government should declare a state of emergency in the downstream oil and gas sector.

“It should also convene an all stakeholders forum to come up with concrete and sustainable steps with reliable time-table for achieving demand-supply equilibrium through local refining.”

Johnson said that PENGASSAN was not averse to the deregulation of the oil and gas industry, but should be based on local production, rather than importation.

According to him, for deregulation in the oil and gas industry to lead to sustainable development, entrenchment of consistent, stable and globally comparable policy and institutional is needed.

He also urged the 8th National Assembly to ensure speedy passage of the Petroleum Industry Bill (PIB).

“When passed, it will clarify the rules and procedures that will entrench good governance, transparency and accountability in the sector.”

In his remarks, Mr. Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry, said that the role of the government was to provide the enabling environment for free flow of investment.

Yusuf said that the nation’s refineries were working now because “we have a man of integrity in power.”

He, however, said that many investors were planning to invest, but they could not invest because of the government’s policy in the oil and gas sector.

The director-general supported the stakeholders’ calls for the deregulation of the industry.

He said that the government could not afford to continue to spend huge amount of money annually on subsidy when there were lots of things to spend money on. (NAN)

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