Nigeria hopes to pass long-delayed oil industry bill by end of March

Nigeria PresidentNigeria hopes that a long-delayed bill to reform parts of its oil industry will be sent to President Muhammadu Buhari to be signed into law by the end of March, according to a report by Reuters

“Hopefully, by the end of the month, the National Assembly will transmit it to the president for assent,” said Senator Tayo Alasoadura, who chairs the upper house of parliament’s committee on upstream petroleum.

Nigeria, an OPEC member, is the largest oil producer in Africa. The country has seen the development of its oil industry stall due to years of mismanagement.

The Petroleum Industry Governance Bill (PIGB) is the first part of the larger Petroleum Industry Bill,broken up into four parts to ensure it passes through parliament.

According to the report, the PIGB would create four entities, which would conduct bid rounds, award licenses and make recommendations to the oil minister on upstream licenses.

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