Nigeria’s House of Representatives has reaffirmed its commitment to upholding the Petroleum Industry Act (PIA), aiming to foster a stable investment climate in the country’s oil and gas sector. This assurance was given to global investors at a conference in London, where the nation sought to promote increased oil production.

The conference, held at the Dorchester Hotel, brought together prospective investment partners to discuss the Project 1MMBOPD Incremental Production of Oil in the Nigerian Petroleum Sector. Alhassan Ado Doguwa, Chairman of the House Standing Committee on Petroleum Resources (Upstream), represented the Speaker of the House of Representatives, Abbas Tajudeen, at the event. Doguwa emphasized the legislative institution’s determination to promote and protect the PIA, providing a framework for the oil and gas industry.

The event provided an opportunity for Nigeria to showcase its potential in the oil and gas sector, with the goal of increasing production in the upstream sector of the economy. Doguwa expressed confidence that the business initiative, organized by the Nigerian Upstream Regulatory Commission (NUPRC), aligns with the 10th House of Representatives Legislative Agenda and President Bola Ahmed Tinubu’s Renewed Hope economic agenda.

The Nigerian government aims to create a viable atmosphere for business growth, and the legislative chamber is committed to supporting this effort. Doguwa extended the Speaker’s commendations to Nigerian citizens, assuring them of the legislature’s dedication to promoting a sound investment climate.

The conference demonstrates Nigeria’s efforts to attract foreign investment and boost its oil production. By reaffirming its commitment to the PIA, the country seeks to reassure investors of its stability and potential for growth in the oil and gas sector. As Nigeria continues to navigate the global energy landscape, its ability to create a favorable investment environment will be crucial in determining its success in the industry.