The PIB passed the third reading on Thursday the 1st of July.
The Petroleum Industry Bill, PIB, 2020 which was first presented to the National Assembly in 2008, is a law in the making seeking to introduce far-reaching reforms in the Nigerian oil and gas industry. The current version of the PIB is titled, ‘A Bill for an Act to Provide Legal, Governance, Regulatory and Fiscal Framework for the Nigerian Petroleum Industry, the Development of Host Community and for Related Matters.’ The bill has five parts, eight schedules, and 319 clauses with provisions to promote best practices, improve environmental compliance, and establish regulatory institutions amidst others.
Though the industry contributes less than 10% to the country’s gross domestic product, it contributes about 90% of the foreign exchange earnings and 60% of total income.
The new bill ushers a promising era for Nigeria’s oil & gas industry.