The Petroleum Industry Bill (PIB), 2021 was voted by both chambers of the National Assembly. Credit: Shaun Undem / Pixabay.

Nigeria President Muhammadu Buhari has signed the Petroleum Industry Bill into law, following 20 years of deliberation and revision.

The signing comes a month after the Petroleum Industry Bill (PIB) 2021 was voted by both chambers of the National Assembly.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The new legislation is anticipated to drive investment in the sector by providing a framework for almost all aspects of oil and gas activities.

PIB 2021 primarily focuses on boosting international investment and ensuring investor certainty and transparency.

According to the African Energy Chamber (AEC), 16 petroleum laws have been integrated into one comprehensive document.

AEC stated that it will continue to advocate for policies that would encourage the implementation of PIB 2021.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

AEC executive chairman NJ Ayuk said: “Nigeria has managed to elevate itself onto the global energy stage through the passing of its PIB.

“The recently signed PIB not only increases the competitiveness of the Nigerian energy sector, but through fiscal incentives, market-driven policies, and unified regulations, the Bill has positioned the country as the premier investment destination for both regional and international investors.”

The bill has been underway since the early 2000s, but concerns on how the potential changes would impact the revenue and foreign exchange have undermined previous efforts to overhaul the industry.