Nigeria has voted to approve a long-delayed oil and gas law that aims to attract new foreign investment in the OPEC country’s petroleum industry.
Nigeria’s parliament on Thursday voted to approve a long-delayed oil and gas law that aims to attract new foreign investment in the OPEC country’s petroleum industry.
The Petroleum Industry Bill or PIB had been under review in the National Assembly for nearly two decades, hamstrung by disagreements such as over how much revenue should go to local communities in oil-producing regions.
“Both the senate and house of representatives have passed the PIB. It’s a landmark feat by the current National Assembly after many years of delay,” said Ola Awoniyi, spokesperson for the senate president.
The bill aims to provide a clearer framework and simplify taxes and royalties for oil companies working in Nigeria, which usually produces around 1.9 million barrels per day (bpd).
Africa’s largest oil producer has drawn only a small fraction of global petroleum investments to its industry, long troubled by corruption, inefficiency, high production costs and security concerns.
Nigeria hopes the PIB will encourage more investments while there is still time, as the world’s interest in oil and financing of fossil fuel projects is diminishing.
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Source: AFP
Picture: Unsplash
