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Home Nigeria

Nigerian Government signs groundbreaking Petroleum Industry Bill into Law

Energy Capital & Power by Energy Capital & Power
August 18, 2021
in Africa, Energy, Government, Legal, Legislation, Nigeria
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Nigeria’s groundbreaking Petroleum Industry Bill (PIB) has officially been signed into law by H.E. President Muhammadu Buhari, ushering in a new wave of investment and positioning the country as a global energy competitor.

The PIB comprises a complete legislative restructuring of Nigeria’s oil and gas sector, providing a comprehensive framework that emphasizes coherency and transparency. With twenty years of deliberation and revision behind it, and insight from international oil companies and government representatives, the final implemented PIB is expected to enhance regulatory certainty and administrative efficiency in the country’s oil and gas sector.

Comprising 16 petroleum laws, the national oil company’s restructuring, and the provision of improved fiscal terms, the PIB aims to enhance the sector’s attractiveness to international investors, particularly in a post-COVID-19 reduced capital expenditure climate. In addition to unlocking additional investment, the PIB includes a strong environmental and social component – emphasizing local capacity, community interests and environmental safeguarding – setting a high standard for other African countries seeking progressive regulatory reform.

Also read: Market Report: Nigeria’s State oil firm to declare dividends for the first time in 44 years

The passing of the PIB into law has been commended by industry leaders, regional governments, and international stakeholders, with the Organization of the Petroleum Exporting Countries Secretary General Mohammed Barkindo issuing a congratulatory letter to the President.

“I wish to extend my congratulations to you on signing into law the PIB, which marks a significant milestone for Nigeria’s oil industry and a historic achievements for your Presidency. You have inaugurated a new era for the industry following years of legislative efforts to strengthen the legal, regulatory, fiscal and governance framework of the petroleum sector,” stated Barkindo.

“Indeed, the new law will enhance the Nigerian petroleum industry’s reputation, open the door to new investment, and ultimately strengthen its position to meet the world’s growing demand for energy,” continued Barkindo.

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Via: Energy Capital & Power
Tags: crude oilMuhammadu BuhariNigeriaNigerian Government signs groundbreaking Petroleum Industry Bill into LawoilOil and gaspetroleumPetroleum Industry Billнигерияナイジェリア尼日利亚
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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