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In order to create a good environment needed to increase production, the Nigerian Parliament is making every effort to promote the Crude Oil Industry Bill that has been delayed for ten years to save Nigeria from the economic crisis. The country's current production has returned to 10,000 barrels per day.
Nigeria, which is determined to obtain an exemption from production cuts and then increase production, is working hard. Business investment cannot succeed without a business environment, so the country has dug out old backlogs and is preparing to finalize industry regulations that have been delayed for ten years before the end of the year.
The Crude Oil Industry Bill (B, B) contains a series of contents, including major changes such as the transformation of the state-owned Nigerian National Petroleum Corporation and provisions for taxing upstream projects that are rife with corruption, but it has already been The Nigerian Parliament has been stuck for ten years.
This Wednesday, Nigeria’s upper house finally gave preliminary approval to the draft to restructure the national crude oil industry during the second reading of the proposal. From a legal perspective, the "Crude Oil Industry Bill" moved forward. Provides realistic possibilities. Parliament Speaker B r said in a statement on Thursday
Up to now, the "Crude Oil Industry Bill" has been delayed for a long time, for various reasons one after another. Today, Parliament is ready and willing to do whatever it takes to pull Nigeria’s economy out of its ongoing recession, and effective and efficient management of our country’s crude oil resources is a key factor in achieving this aspiration.
What will be debated on Wednesday is part of the "Draft", which aims to provide a management and industry framework for the petrochemical industry. To put it bluntly, it is the restructuring of the Nigerian National Petroleum Corporation. Nigeria plans to split the Nigerian National Petroleum Corporation in two to ease pressure on planned stake sales in the coming years, according to a draft seen by Reuters in month.
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