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

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