Downtown Africa
The Nigerian Senate has officially passed the long-awaited Petroleum Industry Bill (PIB) on Thursday the 1st of July 2021. This came after deliberation and input by both the executive and legislative arms of government. Having been revised on many occasions throughout the past thirteen years, Bill lays the foundation for a stronger, efficient and attractive energy industry in Nigeria. The Bill is also hoped to make the Nigerian energy sector competitive again, and will make rig counts go up, and as well make Nigeria out-innovate, out-produce, and out-compete those who counted out or bet against its oil and natural gas industry.
The PIB comprises a combination of 16 Nigerian petroleum laws that outline the framework to boost oil and gas output while enhancing the sector’s attractiveness for international investment. At a time when the global energy sector is particularly competitive for foreign capital, the passing of the PIB serves to elevate Nigeria as an energy leader on the global stage and present significant investment opportunities for both regional and international stakeholders.
This article was adapted from a press release distributed by APO Group. You can start earning money by becoming our Independent Reporter or Contributor. Contact us at IR@downtownafrica.com
Want to read more about the Africa other media don’t usually focus on? Go to [https://downtownafrica.com/subscribe/]
