The recent passage of the Petroleum Industry Governance & Institutional Framework Bill, also known as the PIGIF Bill, by the Nigerian senate marks a huge step forward in revamping the status quo in the country’s hydrocarbon sector. Although the bill is yet to be passed by Nigeria’s House of Representatives and get the presidential assent, it is still essential that a comprehensive review of what could become the Petroleum Industry Governance Act is conducted.
The hydrocarbon sector is one of utmost importance to Nigeria’s growing economy. Ranked among the top 10 producers, with one of the largest gas reserves in the world, the country’s hydrocarbon sector has remained the country’s primary source of revenue, leading to calls for a review of the workings of the sector. The bill is the first of many bills targeted at causing reform to Nigeria’s petroleum industry.
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