The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for sustained engagement among key stakeholders following the Federal Government’s executive order on restructuring oil and gas revenue remittances.

The union’s president, Festus Osifo, made the appeal on Thursday during a press briefing in Lagos, where he addressed the implications of the policy for Nigeria’s oil and gas industry.

Osifo stressed the need to maintain stability and investment in the sector, noting that the industry remains vital to the nation’s economic resilience. He highlighted that clear and consistent policies are crucial to sustaining investor confidence and operational momentum.

He recalled that the Petroleum Industry Act (PIA), enacted in August 2021, was introduced to enhance regulatory certainty, promote fiscal transparency, and rebuild investor trust after years of declining capital inflows into the sector.

According to him, extensive collaboration with stakeholders and lawmakers helped shape a legal framework aimed at stabilising the industry and attracting global investments.

Osifo further emphasised that continuous cooperation among government agencies, regulators, operators, and labour unions is necessary to preserve growth and competitiveness.

He warned that with increasing global competition for investment capital, maintaining policy clarity is essential for Nigeria to remain an attractive destination for investors.

The PENGASSAN president also noted that the oil and gas sector has long been a backbone of Nigeria’s economy, contributing significantly to foreign exchange earnings and public revenue.

He added that ensuring the sector’s stability is directly linked to safeguarding jobs and sustaining livelihoods across the value chain.

Osifo maintained that the industry’s expansion would not only protect employment but also strengthen broader economic performance.

He concluded that sustained dialogue and alignment of policies would consolidate recent gains, enhance operational efficiency, and reinforce long-term investor confidence in Nigeria’s oil and gas industry.