Today, the House of Representatives passed for Second Reading, the Petroleum Industry Governance Bill (PIGB). This is coming less than three weeks after the Senate passed its own version of the Bill, which is aimed at creating a conducive business environment for the operations of the petroleum industry and overhaul the Nigerian National Petroleum Corporation for better efficiency.
The bill, when eventually passed for Third Reading by the House of Representatives and signed by the president into law, will open up the oil sector to more and better business opportunities, as well as make the sector more transparent and ensure better accountability of revenue derived from oil.
It also pushes for a more inclusive development away from crude oil to other product lines and by-products and robust engagement between international oil companies, IOCs and the government in the area of investment and modifications in the Joint Venture Partnerships, JVPs/cash call obligations.
Similarly, the bill advocates the activation and extension of indigenous participation and local content development, just and fair engagement of the oil producing communities and transparency/accountability in the industry.
The movement of the PIGB at the House of Representatives demonstrates that both Houses are working together to ensure that the reform of Nigeria’s most important revenue generating sector, remains at the forefront of the economic recovery agenda.