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· The Nigerian Parliament voted to approve the long-delayed oil and gas law to attract new foreign investment in the OPEC country’s petroleum industry
· The bill to reform the oil sector has been on hold since 2008
· PIB had been under review in the National Assembly for nearly two decades due to disagreements, such as how much revenue should go to local communities in oil-producing regions
The Nigerian Parliament voted to approve the long-delayed oil and gas law to attract new foreign investment in the OPEC country’s petroleum industry. The bill to reform the oil sector has been on hold since 2008.
The Nigerian Parliament voted to approve the long-delayed oil and gas law to attract new foreign investment in the OPEC country’s petroleum industry. The bill to reform the oil sector has been on hold since 2008. This was finally passed by parliament yesterday (Thursday). Analysts say that with the passage of the bill, the local community would benefit. Earlier, the oil and gas sector mainly helped the foreign companies, which have massive presence in the West African country.
The bill titled as Petroleum Industry Bill (PIB) was passed by both the Senate and House of Representatives after many years of delay. PIB had been under review in the National Assembly for nearly two decades due to disagreements, such as how much revenue should go to local communities in oil-producing regions. The bill, first submitted to the National Assembly in 2008, has been debated and rewritten several times. There are some points where debates are still going on including the share of redistribution to communities living in the extraction areas.
Nigeria, a country of 210 million people, is Africa’s top oil producer with 1.9 million barrels exported daily. However, the sector has a reputation for corruption and low productivity and attracts little investment despite huge reserves.
