Nigeria’s New Petroleum Industry Bill: A Move to Revive the Domestic Oil and Gas Industry
Nigeria’s proposed Petroleum Industry Bill is expected to revive the entire oil and gas industry in the country. Considering the importance of Nigeria in the global oil and gas industry and also the country’s crumbling oil and gas industry at the hands of militant activity, the bill has huge expectations attached with it. The PIB is expected to restructure the oil and gas industry in the country and provides incentives to the indigenous oil industry. On the other hand with higher taxes and royalties in the proposed bill the fiscal terms for the international oil companies have been made tougher. Whether the PIB will succeed in halting the domestic unrest and at the same time strengthen Nigeria’s position at the international market still remains to be seen. Nevertheless, on paper, the bill provides a platform for a steady growth of the Nigerian oil and gas industry.
- Coverage of the petroleum industry in Nigeria
- Analysis of policies and government initiatives and their effect on the petroleum industry in Nigeria
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