Nige­ria Draft Oil Re­forms Seek to Es­tab­lish Pow­er­ful In­dus­try Reg­u­la­tor

Africa Outlook - - News -

Nige­ria’s Govern­ment plans to cre­ate a pow­er­ful en­ergy reg­u­la­tor with broad over­sight of the oil

& gas sec­tor, ac­cord­ing to draft ver­sions of sweep­ing re­forms known col­lec­tively as the Petroleum In­dus­try Bill (PIB).

The draft laws, posted on the Nige­rian leg­is­la­ture’s web­site on 30 April, are the ver­sions in­tended for the Se­nate, the up­per house of par­lia­ment.

The PIB aims to im­prove trans­parency, at­tract in­vestors, stim­u­late growth and in­crease Govern­ment rev­enues.

Af­ter be­ing de­bated for well over a decade, the un­wieldly and con­tentious leg­is­la­tion was bro­ken into sec­tions to help it pass into law.

The gov­er­nance part of the bill was passed by both houses of par­lia­ment in Jan­uary. How­ever, that sec­tion has not yet been signed into law by Pres­i­dent Muham­madu Buhari, who is also Nige­ria’s oil min­is­ter.

The in­abil­ity to pass the law and un­cer­tainty around tax­a­tion has stunted in­vest­ment in the West African na­tion, par­tic­u­larly in deep­wa­ter oil & gas fields.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.