After two decades, the Nigerian Parliament has approved a reform of the oil&gas sector, which aims to maximize oil revenues and better distribute the wealth of Africa’s largest black gold producer.
The sector in Nigeria has a reputation of being corrupt and unproductive, with dilapidated infrastructure after 60 years of activity and attracts little investment despite the gigantic reserves of oil and gas. The law aims to provide a legal and fiscal framework for the Nigerian oil&gas industry by introducing three main changes: a more regulated taxation, better redistribution of wealth to the benefit of communities living in drilling areas and the transformation of the Nigeria National Petroleum Commission. “Both the senate and house of representatives have passed the Petroleum Industry Bill (PIB). It’s a landmark feat by the current National Assembly after many years of delay,” said Ola Awoniyi, spokesman for the senate president.