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ARTICLE · 21 FEBRUARY 2014

Petroleum Industry Bill II

FO Akinrele
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Since our report earlier this year on the Petroleum Industry Bill (PIB), the PIB has been sent by the Presidency to the house of Assembly.

NigeriaEnergy and Natural Resources
Dolapo Akinrele
Dolapo Akinrele

Since our report earlier this year on the Petroleum Industry Bill (PIB), the PIB has been sent by the Presidency to the house of Assembly. It is presently under debate with the lower house of the Nigerian National Assembly. Yet there are key commentators who claim that the PIB is weak on the crucial component of National Oil Company reform.

The Revenue Watch Institute in its assessment has stated that the draft Petroleum Industry Bill (PIB) currently before Nigeria's parliament is unlikely to significantly boost the performance of the NNPC. The report, based on research comparing relevant parts of the 2012 Executive PIB with the rules and practices of 12 national oil companies worldwide, found that provisions for restructuring the Nigerian National Petroleum Corporation (NNPC) fell short of best practices, failed to address the corporation's biggest existing challenges and could create new problems. "NNPC dominates the Nigerian oil sector as an asset manager,

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