Nigeria: Government Considers PIB Amendments
The Nigerian Federal Government is considering three changes to the country’s Petroleum Industry Bill (PIB) – a comprehensive framework for the oil and gas sector –proposed by the Presidential Economic Advisory Council (PEAC). The amendments include the implementation of the Nigerian National Petroleum Corporation (NNPC) as the single regulator, the NNPC’s public offer – enabling the sale of NNPC shares to the public through an Initial Public Offering – and the deregulation of natural gas prices supplied to power generation plants.
According to the PEAC, the establishment and implementation of a single, primary regulator, will help ensure transparency in the oil and gas sector. The Council stated that “one regulator with relevant departments will be more efficient and allow for greater synergy in regulating the entire industry value-chain. Examples are Nigerian Communications Commission, NCC and the Nigerian Electricity Regulatory Commission.”
By changing and preparing the NNPC – Nigeria’s state-owned oil corporation – for Initial Public Offer, “the enterprise can raise its own funding and board composition can have more independent members for governance.”
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