For the second time in 20 years, the Petroleum Industry Bill, PIB, has been passed by the National Assembly, NASS. In 2018, it was passed as the Petroleum Industry Governance Bill, PIG-B, but President Muhammadu Buhari refused it assent, citing alleged constitutional issues. Political and sectional interests have been the major reasons for the long tenure of the Bill at the NASS.
Due to the absence of an enabling law that meets the contemporary needs of the oil industry in a very competitive world market, Nigeria has been denied billions of dollars new investments and income heading to Africa every year. If this Bill becomes law, it is hoped that many of these issues will be addressed.