Nigeria’s President signs the Petroleum Industry Bill into law has been saved
Nigeria’s President signs the Petroleum Industry Bill into law
President Muhammadu Buhari has assented to the Petroleum Industry Bill (PIB). The PIB is now referred to as the Petroleum Industry Act (‘PIA’ or ‘the Act’). The Act, which was recently passed by the two houses of the National Assembly, has been in the works since the early 2000s.
The enactment of the Petroleum Industry Act is Nigeria’s boldest attempt at revamping the fortune of the Nigerian Petroleum sector. The PIA either repeals or amends at least ten different legislations applicable to the Petroleum Industry. This legislation is expected to bolster the government’s revenue and create significant investment opportunities for local and international investors.
We have provided the key highlights of the Act in this publication.