Nigeria: Legislative proposals to reorganize the petroleum industry

Nigeria: Proposals to reorganize the petroleum industry

Nigeria’s Senate in late May 2017 passed the Petroleum Industry Governance Bill that would establish a framework for the creation of commercially oriented, profit-driven petroleum entities and allow for internationalization of the petroleum industry.

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The bill is meant to regulate the industry and repeal all existing oil and gas legislation. Even though it was introduced in the National Assembly over 16 years ago, it was never passed, and consequently, the National Assembly decided to fragment the bill into different pieces of legislation guiding specific aspects of the industry. This is the first of the bills to be passed. Among the items, the bill would affect:

  • Policy and general strategy formulator, tasked with setting overall policy and direction for the industry 
  • Regulator charged with regulating the industry
  • Commercial institutions, tasked with holding and managing the assets and interests of the government
  • Ancillary institutions, tasked with the provision of specific support services 

 

Read a June 2017 report [PDF 181 KB] prepared by the KPMG member firm in Nigeria

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