A former Chairman of the Society of Petroleum Engineers (SPE), Mr. Joe Nwakwue has canvassed for the privatization of the Nigerian National Petroleum Corporation (NNPC).
He made the call while addressing National Assembly reporters at Abuja.
The former SPE Chairman noted that though the Petroleum Industry Bill recommend Commercialization of the Nigerian National Petroleum Corporation (NNPC), because government is not set up to run any business, only privatization would yield the desired result. He further stated that “at the first step, you need to commercialize but I still think that the efficiencies we desire will not come simply from commercialization”, adding that the current system in the NNPC would not allow it compete effectively in the market.
He recommended that government unbundle NNPC, have a clear business mind and invite private investors.
According to him, “if you are keeping a national asset and it is running in losses year after year, then it is not okay because it does not serve the purpose”.
Commenting on the Host Community component of the Petroleum Industry Bill (PIB), he said that the issue has been one of the major clogs in the wheels of passing the bill over the last 20 years, adding that there was a need for the host communities to come together and clearly define their position.
He appealed to all stakeholders, including lawmakers and host communities, to come together to pass the PIB for the common good of our country, noting that Nigeria has lost over $200biillion in investments in the last 20years because of the non-passage of the PIB.