Page 4 - AfrOil Week 01 2021

AfrOil COMMENTARY AfrOil

Some industry observers believe the current version of the bill might hamper the development of deepwater fields (File photo)
Some industry observers believe the current version of the bill might hamper the development of deepwater fields (File photo)
Nigeria begins another year

without a new oil and gas law

Industry observers are keen to see the PIB passed soon – and are also voicing their concerns

WHEN his government submitted its draft stage of the legislative process, and officials in
version of the Petroleum Industry Bill (PIB) to Abuja have said they are now aiming to finalise
WHAT: the National Assembly last August, President the bill in March of August.
The National Assembly Muhammadu Buhari said he was determined And so Nigeria has marked the beginning of
has resumed its review of to see the legislation pass quickly. Specifically, yet another new year without an adequate legal
the PIB. he stated that he wanted to wrap up the matter foundation for the development of its abundant
before the end of 2020 so that the country’s oil hydrocarbon resources. Nevertheless, discus-
WHY: and gas sector could start benefitting from the sions on the bill have resumed, and legislators
Without a new law in introduction of the new law as soon as possible. are still hopeful of passing it and sending it to
place, Nigeria will have Buhari’s sense of urgency was understand- the president for signature within the next few
difficulty maximising the able, given that Nigeria has been trying (and months.
potential of its oil and gas failing) to pass a new oil and gas law for more
resources.
than two decades. However, legislators missed Advocating for passage
the president’s deadline. Buhari is not the only one eager to see the PIB
WHAT NEXT: Both houses of the National Assembly passed pass. Late last month, several public figures told
As critiques emerge, the
government still hopes the PIB in the first reading in September and in the Vanguard newspaper that they hoped the
to wrap up the legislative the second reading in October. Then in Novem- National Assembly would move quickly.
process in March or April. ber, they opted to suspend discussions on the bill One of them was Victoria Ibezim-Ohaeri,
so that they could focus on securing the passage the executive director of Spaces for Change, a
of a budget for 2021. non-profit organisation that promotes human
As a result, the PIB has yet to reach the final rights.

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