{"id":10773,"date":"2021-08-18T09:19:37","date_gmt":"2021-08-18T09:19:37","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10773"},"modified":"2021-08-18T09:19:37","modified_gmt":"2021-08-18T09:19:37","slug":"nigeria-energy-chamber-salutes-president-buhari-signs-historic-petroleum-industry-bill-into-law","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-energy-chamber-salutes-president-buhari-signs-historic-petroleum-industry-bill-into-law\/","title":{"rendered":"NIGERIA: Energy Chamber Salutes President Buhari Signs Historic Petroleum Industry Bill into Law"},"content":{"rendered":"

The long-awaited Petroleum Industry Bill has officially been signed into law, a month after it was voted through by both chambers of the National Assembly.<\/em><\/p>\n

After twenty-years of deliberation and revision, Nigeria\u2019s historic Petroleum Industry Bill (PIB) has officially been signed into law by H.E. President Muhammadu Buhari. The signing of the PIB comes one month after it was passed by the house of representatives and the Nigerian Senate, and is expected to dramatically increase investment by providing a framework for the country\u2019s oil and gas activities.<\/p>\n

With a primary focus on investor certainty and transparency, as well as the enhancement of the sector\u2019s attractiveness for international investment, the newly passed PIB is expected to position Nigeria as one of Africa\u2019s top energy markets. By integrating 16 petroleum laws into one comprehensive and coherent document, that provides a framework to boost oil and gas output, the PIB will accelerate investment and development in a post-COVID-19 landscape.<\/p>\n

The signing of the PIB represents a significant moment for Nigeria, and is expected to drive foreign investment through an established enabling environment, large-scale energy developments through a productive and coherent regulatory framework, and increased local participation through local content-focused policies. Accordingly, the Bill has paved the way for an influx in new developments, and African Energy Week (AEW) taking place in Cape Town on the 9th<\/sup>-12th<\/sup>\u00a0of November 2021 aims to emphasize this.<\/p>\n

The African Energy Chamber will continue to advocate for policies that encourage transparent implementation of the PIB. Government policies and the implementation team must be rational, fair and honest. They must do their work to ensure that this PIB spur\u2019s investment, innovation and competition.<\/p>\n

\u201cNigeria has managed to elevate itself onto the global energy stage through the passing of its PIB. The recently signed PIB not only increases the competitiveness of the Nigerian energy sector, but through fiscal incentives, market-driven policies, and unified regulations, the Bill has positioned the country as the premier investment destination for both regional and international investors. AEW 2021 will put Nigeria and its transformative PIB on show in Cape Town and, through its exclusive networking opportunities, will drive investment in one of Africa\u2019s most formidable markets,\u201d stated NJ Ayuk, Executive Chairman of the African Energy Chamber.<\/p>\n

AEW 2021 in Cape Town will showcase and promote Nigeria\u2019s post-PIB opportunities, uniting investors and international partners with Nigerian stakeholders. With a Nigerian delegation coming to Cape Town led by H.E. Chief Timipre Sylva, Nigeria\u2019s Minister of Petroleum, Nigeria will be on show to the world and investors will have a first-hand look at emerging opportunities and competitive prospects. Join international stakeholders, government representatives, and private sector executives at Africa\u2019s premier energy event, and be part of Nigeria\u2019s exciting energy future.<\/p>\n","protected":false},"excerpt":{"rendered":"

The long-awaited Petroleum Industry Bill has officially been signed into law, a month after it was voted through by both chambers of the National Assembly. After twenty-years of deliberation and … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11,7444],"tags":[6986,9542,742,1749,2012,8629],"class_list":["post-10773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","category-west-africa","tag-african-energy-chamber","tag-african-energy-week","tag-energy","tag-nigeria","tag-petroleum-industry-bill","tag-president-muhammadu-buhari","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/President-Buhari.jpg?fit=711%2C470&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2NL","jetpack-related-posts":[{"id":9376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigerias-changing-legal-regime-is-africas-biggest-oil-producer-finally-within-reach-of-a-new-oil-law\/","url_meta":{"origin":10773,"position":0},"title":"Nigeria\u2019s Changing Legal Regime: Is Africa\u2019s Biggest Oil Producer Finally Within Reach of a New Oil Law?","author":"","date":"November 9, 2020","format":false,"excerpt":"By NJ Ayuk, Executive Chairman, African Energy Chamber\u00a0 This week, the African Energy Chamber will publish a report outlining its short-term predictions for the continent. That report, Africa Energy Outlook 2021, identifies Nigeria as the country with the most potential for increasing hydrocarbon production. But it also points out that\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/NNPC-1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10562,"url":"https:\/\/www.oilnewskenya.com\/index.php\/benefits-of-the-passing-of-nigerias-petroleum-industry-bill\/","url_meta":{"origin":10773,"position":1},"title":"Benefits of the Passing of Nigeria\u2019s Petroleum Industry Bill","author":"","date":"July 2, 2021","format":false,"excerpt":"The Nigerian Senate has officially passed the long-awaited Petroleum Industry Bill (PIB) on Thursday the 1st of July 2021, after deliberation and input by both the executive and legislative arms of government. Having been revised on many occasions throughout the past thirteen years since it was first presented to the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/Nigeria-Refinery.jpg?fit=690%2C438&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/Nigeria-Refinery.jpg?fit=690%2C438&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/04\/Nigeria-Refinery.jpg?fit=690%2C438&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13667,"url":"https:\/\/www.oilnewskenya.com\/index.php\/member-countries-asssured-of-the-protection-of-their-interest-in-the-africa-energy-bank-appo\/","url_meta":{"origin":10773,"position":2},"title":"Member Countries Asssured of the Protection of their Interest in the Africa Energy Bank – APPO","author":"","date":"May 8, 2023","format":false,"excerpt":"APPO\u2019s Secretary General (SG), H.E. Dr Omar Farouk Ibrahim, has assured Member Countries of the protection of their interest in the Africa Energy Bank. 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With the energy transition pressuring international investors to focus on renewable energies, capital for oil and gas projects in Africa has been significantly restricted. 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Simbi Kesiye Wabote as the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB). \u00a0 Mr. President also renewed the appointments of Dr.\u00a0Bello Aliyu Gusau as the Executive Secretary of the Petroleum Technology Development Fund and Mr. Ahmed\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NCDMB.jpg?fit=660%2C359&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NCDMB.jpg?fit=660%2C359&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/NCDMB.jpg?fit=660%2C359&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":9485,"url":"https:\/\/www.oilnewskenya.com\/index.php\/nigeria-buhari-inaugurates-5000-bpd-waltersmith-modular-refinery\/","url_meta":{"origin":10773,"position":5},"title":"NIGERIA: Buhari inaugurates 5,000 bpd Waltersmith Modular Refinery","author":"","date":"November 26, 2020","format":false,"excerpt":"A 5,000-barrel per day Waltersmith modular refinery in Ibigwe in Imo State in south-eastern Nigeria was on Tuesday inaugurated by President Muhammadu Buhari. 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