Weeks after the National Assembly passed the bill, President Muhammadu Buhari officially signed the Petroleum Industry Bill 2021 (PIB) into Nigerian Law.
The historic Petroleum Industry Act is expected to overturn Nigeria’s oil & gas industry.
For the past 20 years, there have been various attempts at reforming the industry. However, until the introduction of the Petroleum Industry Bill (PIB) 2020, none of these efforts have been fruitful. On 1 July, both of Nigeria’s chambers of parliament passed the crucial bill bringing high hopes for the future of oil & gas in the oil-rich West African nation.
With provisions for equity compensation to host communities, selling of shares in a reformed NNPC, the replacement of regulatory bodies, and the reduction and streamlining of royalties, the Petroleum Industry Act is geared to usher in a new era for Nigeria.
