Nigeria will look to privatize its state oil firm Nigerian National Petroleum Corporation (NNPC) under a draft new petroleum law currently in Parliament for discussion, Reuters reported on Monday, quoting the bill it has seen. Nigeria’s Senate and the House of Representatives have to pass the bill, which has been years in the making, in order to become law. 

According to two sources who spoke to Reuters, Nigeria’s President Muhammadu Buhari has already sent the bill to the Nigerian Senate.  Under the draft law, Nigeria would operate NNPC as a commercial entity that will not have access to state funds, Reuters reported. 

Nigeria, currently Africa’s biggest oil producer and exporter, has been preparing a draft petroleum bill for two decades, looking to amend the royalty regime and the production-sharing regime of its oil and gas reserves. 

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Source: Oilprice