Nigeria’s oil ministry will send a new Petroleum Industry Bill to parliament next week, aiming to pass it into law by mid-2020, the country’s Minister of Petroleum, Timipre Sylva has announced.
For nearly two decades, the bill has seen various incarnations under successive administrations, but none have managed to sign it into law. The resulting uncertainty has left oil companies and investors lukewarm about putting their money into Nigeria, Africa’s largest crude producer.
The most recent version of the bill was during President Muhammadu Buhari’s first term, but disagreements between lawmakers and the executive saw the leader reject parliament’s efforts.
The relationship between the legislature and the presidency is now on better footing and could pave the way for a smoother drafting and adoption of the bill.
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