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ARTICLE · 21 SEPTEMBER 2021

Host Community Development Funds In Nigeria - Establishment And Procedure

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The Petroleum Industry Act 2021(the Act) introduces the Petroleum Host Community Development (PHCD) under Section 234 of the Act. The Host Community Development Trust was introduced by...

NigeriaFinance and Banking
Dr Olusola Johnson Jegede
Dr Olusola Johnson Jegede
Winifred Idiaru
Winifred Idiaru

The Petroleum Industry Act 2021(the Act) introduces the Petroleum Host Community Development (PHCD) under Section 234 of the Act. The Host Community Development Trust was introduced by the Act to aid in the development of the economic and social infrastructure of communities in the petroleum-producing areas and this article aims to elaborate on the establishment and procedure for host community development fund.

The objectives of the Host Community under Section 234 of the Act are as follows;

  • To foster sustainable prosperity within host communities;
  • To provide direct social and economic benefits from petroleum operations to host communities;
  • To enhance peaceful and harmonious co-existence between licensees or lessees and host communities; and

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