PENGASSAN to Embark on a Three-day Warning Strike over Non-passage of PIB

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has concluded plans to embark on a three-day warning strike in protest against the delay in the passage of the Petroleum Industry Bill (PIB) and other anti-labour activities of employers in the oil and gas sector.

The warning strike follows the expiration of the 14-day ultimatum issued by the National Executive Council (NEC) of PENGASSAN to the federal government and other concerned employers’ and agencies in the sector.

It said the ultimatum had

Oil sector loses N32bn foreign investment

The non-passage of the Petroleum Industry Bill, PIB, has started to take its toll, as foreign investments into the oil and gas sector dropped by $197.31 million, about N31.6 billion in three months, between April and June 2014.

According to the second quarter, Q2, Nigerian Capital Importation Report, released by the National Bureau of Statistics, NBS, the oil and gas sector accounted for 0.07 per cent of total capital imported into Nigeria with $3.83 million, about N612.8 million.

The NBS stated that total capital imported into the Nigerian economy in Q2 2014 was $5.804 billion, rising by $1.899 billion or 48.64 per cent from $3.905 billion recorded in the opening quarter of this year.

“Relative to the $5.618 billion recorded in the corresponding quarter of 2013, capital importation demonstrated positive year on year growth of