(Adds bill before parliament next week)
ABUJA, Feb 10 (Reuters) - Nigeria's oil ministry will send a
new Petroleum Industry Bill to parliament next week, aiming to
pass it into law by mid-2020, Minister of Petroleum Timipre
Sylva said on Monday, hoping to end years of delay that have
hampered investment.
For nearly two decades, the bill has seen various
incarnations under successive administrations, but none has
managed to sign it into law. The resulting uncertainty has left
oil companies and investors lukewarm about putting their money
into Nigeria, Africa's largest crude producer.
The lack of a bill "really brings a lot of uncertainty to
the investment climate", and passing it is essential to attract
much-needed funding to Nigeria's oil sector, Sylva said.
When it is sent to parliament the draft legislation will
become a public document, he said.
The most recent version of the bill was during President
Muhammadu Buhari's first term, but disagreements between
lawmakers and the executive saw the leader reject parliament's
efforts.
Now, the relationship between the legislature and the
presidency is on better footing, and could pave the way for a
smoother drafting and adoption of the bill.
"We are on the same page as the National Assembly," Sylva
said, referring to Nigeria's parliament, adding that he hoped
international oil majors were also on board.