A member of the House of Representatives, Mr Dennis Idahosa has said that the passage of the Petroleum Industry Bill (PIB) will engender global competitiveness in the Nigerian oil industry.

Idahosa, who represents the Ovia Federal Constituency, stated this in a press statement issued by his media aide, Mr Friday Aghedo, and made available to newsmen in Benin on Saturday.

He noted that the passage of the bill by both chambers of the National Assembly would usher in a new narrative in the industry, which, he described, as the mainstay of the country’s economy.

Idahosa, who is the House Committee Chairman on Legislative Compliance, said that development in the nation’s oil industry had been hampered and bedevilled over the failure to enthrone competitiveness in the industry.

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He stressed that the passage of the long awaited bill would not only be beneficial to industry players, but the government and the people would also be the ultimate beneficiaries.

According to him, “I must, first of all, commend both chambers of the NASS for making true its promise to pass the bill within the life span of the ninth assembly.

“Not only was the bill passed, but the encumbrances that had stood in its way were also extensively dealt with, the all-encompassing bill had the inputs of all stakeholders.“

The Senate on Thursday passed the PIB.