Business
Nigeria: Buhari sends long-awaited oil reform bill to lawmakers
Africa’s largest crude producer wants to update sector rules – the reforms aimed at attracting more investment to industry.
Bloomberg | Nigerian President Muhammadu Buhari submitted a bill to reform the nation’s oil industry to lawmakers.
A proposed overhaul of the laws governing the oil and gas industry in Africa’s biggest crude producer has been stuck in parliament for more than a decade. The ministry of petroleum resources estimates the delay has cost Africa’s top oil producer an estimated US$15 billion a year in lost investments.
The petroleum industry bill was sent to parliament 2 weeks ago, but was not considered because lawmakers have been on recess, according to a statement emailed by the office of Senate President Ahmed Lawan. Members will resume sitting on Tuesday and immediately start scrutinizing it, he said.
“We want to see an oil industry in Nigeria that is properly regulated, an oil industry that not only sustains the investment that we have but attracts even more investment, an oil industry that is very competitive,” Lawan said.
