Nigerian President Goodluck Jonathan said on Wednesday he expected lawmakers to approve a sweeping overhaul of the country’s oil industry before the current electoral term ends in May.
His comments, however, were the latest in a string of pronouncements by government officials predicting imminent passage of the long-discussed legislation, with none of the previous deadlines met.
Some observers have also cast doubt on whether the high-stakes bill could be approved ahead of April presidential, legislative and state elections.
“President Goodluck Ebele Jonathan said Wednesday in Ankara, Turkey, that he expects the petroleum industry bill currently before the national assembly to be passed into law before the end of the present parliament in May,” a statement from his office said.
The bill would “give fresh impetus to the federal government?s efforts to further liberalise Nigeria?s oil sector and attract greater foreign investment,” it said.
Jonathan traveled to Turkey this week for bilateral talks after attending an African Union summit in Addis Ababa.
Nigeria, one of the world’s largest oil exporters, has been seeking to reform its petroleum industry framework to collect more revenue from deepwater offshore projects, among other issues.
The wide-ranging proposal has been worked on for years, and oil firms have warned that the uncertainty has put a serious damper on investment in the industry in Nigeria.
They have also said that investment could be sharply curtailed after the bill is passed if the government seeks to take too large a chunk of revenue from projects.
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