In July 2021, the Nigerian Senate and the House of Representatives passed the Petroleum Industry Bill two decades after the bill was first tabled before the parliament. The Nigerian president assented to the law the following month, August. Initiated as a legal framework for undertaking sweeping reforms in Nigeria’s oil and gas industry, the ultimate objective of the new law is to promote transparency, and accountability in the administration of Nigeria’s Petroleum Industry.
This facsheet chronicles the long, rough journey towards the passage of the Petroleum Industry Act (PIA). The new PIA reforms the legal, governance, regulatory, and fiscal architecture for the Nigerian petroleum industry, and provides a policy framework for the development of host communities.