Nigeria’s Petroleum Industry Act

Nigeria’s Petroleum Industry Act (PIA), enacted in 2021, aims to modernize and regulate the oil and gas sector. It creates a clearer legal framework, promotes transparency, and encourages investment by reducing bureaucratic hurdles. The Act establishes new institutions to oversee exploration, production, and revenue management, ensuring fair sharing of oil profits among the government, communities, and private companies. Its goal is to boost economic growth, ensure environmental sustainability, and improve governance in Nigeria’s vital petroleum industry, balancing the needs of development with responsible resource management.