The Nigerian Senate has officially passed the long-awaited Petroleum Industry Bill (PIB) on 1 July, 2021, after deliberation and input by both the executive and legislative arms of government
Having been revised on many occasions throughout the past 13 years since it was first presented to the National Assembly in 2008, the PIB comprises a combination of 16 Nigerian petroleum laws that outline the framework to boost oil and gas output while enhancing the sectors attractiveness for international investment.
By ensuring an enabling environment for investors backed by a transparent and strengthened regulatory framework, the PIB will present significant investment opportunities for both regional and international stakeholders. At a time when the global energy sector is particularly competitive for foreign capital, the passing of the PIB serves to elevate Nigeria as an energy leader on the global stage and the upcoming African Energy Week (AEW) 2021 taking place in Cape Town from 9-12 November will only enhance this trend.
By uniting both African global stakeholders in one exclusive networking event, AEW 2021 will be the place to explore post-PIB opportunities in Nigeria. The passing of the PIB represents an historic moment in Nigeria’s energy sector, and AEW 2021, representing the only Africa-focused energy event taking place in Africa in 2021.