Review of Nigeria’s Petroleum Industry Bill (PIB)

Abstract

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.

Exploring the Potential Benefits of Carbon Risk Assessment and Reporting for the Development of Business Strategy in the Nigerian Oil and Gas Industry: A Case Study of Oando Plc

“…Nevertheless, all interview participants agree that carbon policies leave huge financial burden on a firm; similarly, 30% 'strongly agree' and 56.7% 'agree' in the survey. The Nigerian government to a great extent operates a mono-product oil-based economy which imposes high tax burden on the oil and gas firms who then see carbon assessment and reporting as an additional expense (Amadi et al, 2020). Little wonder then that the exercise is mostly avoided except it a regulatory requirement (Tang and Demeritt, 2018) There is an indication that there is a lack of political will to enforce carbon risk assessment and reporting policies in Nigeria.…”

“…There is a weak legal framework to enforce carbon risk assessment and reporting violation by firms in Nigeria (Hassan and Kouhy, 2013). The Federal government of Nigeria is yet to ratify and enact the Petroleum Industry Bill (PIB) into law (Amadi et al, 2020). In fact, NNPC publishes its first audited financial accounts in 2020 after 43 years.…”

An enabler framework for developing knowledge management practices: Perspectives from Nigeria

“…Historically, indigenous Africans lacked the innovative capacity and relied on word of mouth to exchange information (Colnar & Dimovski 2017). Combining with Ologbo's history, this research in management research classifies queries, interprets, and contextualizes how information has evolved to help the indigenous farmers to improve their practice (Amadi, Ola & Ayoola 2020). To understand the new (contemporary) technique, small and medium-sized palm oil producers in the empirical context are questioned to help uncover how they have transformed their practices.…”

Pedagogy of Petroleum Engineering in Nigeria

“…Drivers like the Petroleum Industry Act (PIA), Nigerian Petroleum Company Limited (NPDC), and Nigerian Content Development & Monitoring Board (NCDMB) have been put in place to encourage local participation (Amadi et al, 2020;NCDMB, 2021;NNPC, 2021), but this study still finds the pedagogy of petroleum engineering in Nigeria as an issue that needs to be addressed in other for Nigerian experts to compete with global players within the oil and gas industry and gain more independence in technicalities surrounding exploration, drilling, completion, and production of Nigerian oil and gas.…”