Since the discovery of Crude Oil in 1875, the Petroleum Industry has gradually improved in value due to the series of valuable products gotten from crude oil. The significant impact of crude oil as a source of energy has made exportation and importation of this mineral a lucrative business around the world, having turned to be the major source of revenue for most producing countries. Crude oil has contributed to about 80% of Nigerian Government revenue and foreign exchange since 1958, making it a key player in the economic plan of the country. Its importance in Nigeria has made the Legislature introduce lots of policies and laws governing the Oil and Gas business in the country. However, Nigerians with different views over the years have clamored for an improvement of these policies to enable the benefits of Her resources fairly get to the grassroots, producing communities and states while improving foreign investment policies in the country. These demands led to the introduction of the Petroleum Industry Bill (PIB) in the year 2000. This research work attempts to review and offer recommendations for improvements to avoid future litigations, violence, conflicts, and industry fragility. This work will also elaborate on different steps taken by the Nigerian Government over the years to implement this bill, challenges faced by the Government and International Oil Companies (IOCs), Government and its citizens, and anomalies seen in the bill up till status quo.
DailyTrust (2019). Business: As PIB lingers, multi-billion dollars investments elude Nigeria, Daily Trust https://www.google.com/amp/s/www.dailytrust.com.ng/as-pib-lingers-multi-billion-dollar-investments-elude-nigeria.html/amp
Faseemo O. (2019). PPD 816: Petroleum Field Development Project, [Powerpoint Slides] Institute of Petroleum Studies, University of Portharcourt, Choba, Nigeria.
Femi A. (2017, October 5). Business: Stakeholders examine opportunities, challenges in PIB, Punch Newspaper, Nigeria https://www.google.com/amp/s/punchng.com/stakeholders-examine-opportunities-challenges-in-pib/%3famp=1
Femi A. (2020, June 3). Energy: Nigeria’s Delayed PIB and disappearing opportunities, Guardian Newspapers https://m.guardian.ng/energy/nigerias-delayed-pib-and-disappearing-opportunities/
Kenneth C. E. (2018). The Fall and rise of the Nigerian Petroleum Industry Governance Bill, Oxford Policy Management, Nigeria. https://www.opml.co.uk/blog/nigerian-petroleum-industry-governance-bill
KPMG (2017, June). The Petroleum Industry Governance Bill, KPMG Advisory Services, Nigeria, p. 1
Nairametrics (2020, February 9). Columnists: PIB and its unsurmountable obstacles, Nairametrics https://nairametrics.com/2020/02/09/pib-and-its-unsurmountable-obstacles/
OSIWA. Rethinking Nigeria’s Petroleum Industry Bill (PIB) http://www.osiwa.org/publication/rethinking-nigerias-petroleum-industry-bill-pib/
Wumi I. (2008). An Appraisal of Oil and Gas Industry Reform and Institutional Restructuring in Nigeria, International Association for Energy Economics. p. 23-26.
This work is licensed under a Creative Commons Attribution 4.0 International License.
The names and email addresses entered in this journal site will be used exclusively for the stated purposes of this journal and will not be made available for any other purpose or to any other party.
Submission of the manuscript represents that the manuscript has not been published previously and is not considered for publication elsewhere.