The Senate President, David Mark, assured attendees of a democratic transition lecture which held at the Lagos Chamber of Commerce and Industry that the Petroleum Industrial Bill (PIB) will be passed into law before the 2015 elections.

He said Nigeria must as a matter of urgency pass the bill because oil companies are beginning to get worried, stressing that the situation might drive away investment in the nation's oil and gas industry.

According to Senator Mark, Nigeria is on the losing side as a result of the delay in the passage of the bill, maintaining that this is why the country must accelerate the passage of the bill into law.

"We want to pass the PIB before the end of this current senate. We need to pass the bill as soon as possible because the oil companies are getting worried. The PIB will update the existing laws in the petroleum industry to ensure a win- win situation for both the oil companies and the country at large," he said.

He however stated that the theme of the forum tagged "Democratic Transition and the Nigeria Economy" is apt and timely, saying that with the elections approaching, there is a need to boost investors' confidence by ensuring a smooth transition.

Senator Mark stressed the need for the private sector to work closely with the National Assembly to ensure the creation of an enabling environment for businesses to thrive.

Also speaking at the event, the United Nations Industrial Development Organisation (UNIDO), Country Representative in Nigeria, Mr. Patrick Kormawa who said Nigeria must build institutions in the country to support democracy.

He stressed that without the dividends of democracy, Nigeria cannot achieve prosperity and also advised that the nation must continue on the path of economic transformation to solve its economic challenges.

"Nigeria has achieved 10 years of uninterrupted growth of 7 per cent but looking at the magnitude of unemployment particularly among the youths, Nigeria must double that growth," he said.

In his words, "Growth alone cannot lead to economic transformation. We need to support institutions that will help the country grow economically."

He said developed countries across the globe have used industrialisation to move their largest population out of poverty, stressing that without investment, support and sustainable policy to boost industrialisation, the continent will remain where it is for a long time.

The president, LCCI, Alhaji Remi Bello said the full dividend of democracy may not have been realized, but stressed that there are clear indications that as a nation, Nigeria is on a sustainable democratic track.

The LCCI boss added that the stability of Nigeria's democracy has earned the country a great deal of respect in the comity of nations and had also attracted investors to the country.

He concluded by agreeing with Senator Mark, stating that a strong economy driven by the private sector is imperative for wealth creation, employment generation and stable democracy.