Nigeria is set to spearhead energy investments across Africa, attract global capital, and maintain its crucial role in the international energy landscape through the Petroleum Industry Act (PIA).
Ambassador Nicholas Agbo Ella, Permanent Secretary of the Ministry of Petroleum Resources, made this declaration at a Stakeholders Engagement event titled “Harnessing the Petroleum Industry Act (PIA) as a Catalyst for Investment in Nigeria’s Oil and Gas Sector,” where the Oil and Gas Compendium was unveiled in Abuja.
Represented by Mr. Mohammed Mohammed Abubakir, Director of the Midstream and Downstream Department in the Ministry, Ella explained that the PIA establishes a robust legal and regulatory framework designed to promote efficiency, transparency, and sustainable practices within the sector.
He emphasized that the PIA fundamentally restructures the oil and gas industry by transforming the regulatory environment and introducing flexible fiscal terms. Ella urged all stakeholders, including government representatives, private sector participants, and host communities, to concentrate on actionable outcomes that will maximise the benefits derived from the PIA.
In his keynote address, Dr. Mohammed Baba Shehu, Chairman and Chief Executive Officer of Energy Versatile Group, highlighted the sector’s significance to Nigeria’s economy, noting its substantial contribution to government revenue. He pointed out that regulatory uncertainties, inefficient resource management, oil theft, and revenue leakage have historically hindered optimal performance in the industry.
Dr. Shehu stated that the PIA represents a comprehensive reform aimed at addressing these long-standing issues and challenges.
The Oil and Gas Investment Compendium, initiated by the Ministry, aims to provide potential investors with a detailed guide to Nigeria’s oil and gas projects.
Participants at the Stakeholders Engagement included representatives from government agencies, the organised private sector, and academia, reflecting a broad commitment to revitalising Nigeria’s oil and gas sector through strategic collaboration.