After twenty-years of deliberation and revision, Nigeria’s historic Petroleum Industry Bill (PIB) has officially been signed into law by H.E. President Muhammadu Buhari. The signing of the PIB comes one month after it was passed by the house of representatives and the Nigerian Senate, and is expected to dramatically increase investment by providing a framework for the country’s oil and gas activities.
With a primary focus on investor certainty and transparency, as well as the enhancement of the sector’s attractiveness for international investment, the newly passed PIB is expected to position Nigeria as one of Africa’s top energy markets. By integrating 16 petroleum laws into one comprehensive and coherent document, that provides a framework to boost oil and gas output, the PIB will accelerate investment and development in a post-COVID-19 landscape.
The signing of the PIB represents a significant moment for Nigeria, and is expected to drive foreign investment through an established enabling environment, large-scale energy developments through a productive and coherent regulatory framework, and increased local participation through local content focused policies.
“Nigeria has managed to elevate itself onto the global energy stage through the passing of its PIB. The recently signed PIB not only increases the competitiveness of the Nigerian energy sector, but through fiscal incentives, market-driven policies, and unified regulations, the Bill has positioned the country as the premier investment destination for both regional and international investors.” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.
The Bill has paved the way for an influx in new developments, and African Energy Week (AEW) taking place in Cape Town on the 9th-12th of November 2021 aims to emphasize this.
