The Petroleum Industry Bill (‘PIB’ or ‘the Bill’) was passed by the National Assembly on Thursday, 1 July 2021. The Bill, which has been in the works since the early 2000s, will become law once the President has assented to it.
The enactment of PIB is Nigeria’s boldest attempt at revamping the fortune of the Nigerian Petroleum sector. The PIB either repeals or amends at least ten different legislations applicable to the Petroleum Industry. This ‘substantially enacted legislation’ is expected to bolster the government’s revenue and create significant investment opportunities for local and international investors.
We have provided the key highlights of the PIB below, under relevant headings: