The Nigerian President, Muhammadu Buhari, is keen to address the shortcomings of the 2021 Petroleum Industry Act. In a bid to make necessary amends, the president has urged the Nigeria Upstream Petroleum Regulatory Commission to fast-track efforts and rectify inconsistencies and deficiencies in the new law as soon as possible. The Petroleum Industry Act was adopted recently to overhaul Nigeria's oil and gas industry and boost investments in the sector. However, stakeholders have concerns about certain clauses in the law, prompting the president to call for a review.
1. The Nigerian President, Muhammadu Buhari, is keen to address the shortcomings of the 2021 Petroleum Industry Act.
2. The president has urged the Nigeria Upstream Petroleum Regulatory Commission to fast-track efforts and rectify inconsistencies and deficiencies in the new law as soon as possible.
3. The Petroleum Industry Act was adopted recently to overhaul Nigeria's oil and gas industry and boost investments in the sector.
4. Stakeholders have concerns about certain clauses in the law, prompting the president to call for a review.
5. The government aims to create a conducive environment that stimulates economic growth and maximizes the nation's petroleum wealth for the benefit of its citizens.
The Petroleum Industry Act was adopted to boost investments in Nigeria's oil and gas industry, but stakeholders have concerns about certain clauses, prompting the president to call for a review.
Corporation (NNPC) board and Ministry of Petroleum Resources on high alert. The president recognized the concerns raised by various stakeholders regarding certain provisions of the bill and is determined to address them promptly. The priority now lies in ensuring that the amended act aligns with the collective interests of the Nigerian people, fosters transparency, accountability, and attracts more investments into the oil and gas industry. In doing so, the government aims to create a conducive environment that stimulates economic growth and maximizes the nation's petroleum wealth for the benefit of its citizens.