Nigeria’s president signs the Petroleum Industry Bill into law
On 16 August 2021, President Buhari signed the Petroleum Industry Bill, following its passage through the National Assembly one month ago. Reforming Nigeria’s petroleum sector has been a priority of successive administrations since the bill was first introduced in 2008. After dozens of versions and 13 years, this is a landmark moment and a relief for many in Nigeria who hope that the industry can finally move forward. The new Petroleum Industry Act (PIA) provides a legal, governance, regulatory and fiscal framework for the petroleum industry, the development of host communities and related matters. It is extensive in scope, covering the upstream, midstream and downstream sectors. Following presidential assent, the clock is now ticking on the reform milestones outlined in the Act. This insight discusses the deadlines and some of the key changes made to the legislation since our October 2020 Insight.