Regulatory Governance: The Petroleum Industry Bill 2020 and Nigeria's Oil Future

Abstract

In September 2020, the 2020 version of the Petroleum Industry Bill (PIB) resurfaced at Nigeria’s Senate where it passed its first reading. The Bill has two forerunners: a 2008 edition and the fragmented 2018 edition, a part of which was passed but was not assented to by the President for reasons related to the diminution of state powers. In this working paper, we analyze governance provisions in the 2020 version of the PIB to unearth the promises which the Bill offers to the Nigerian Petroleum sector. We also consider how the current effort at reform takes into account the ever-evolving energy landscape and proactively anticipates Nigeria’s oil future. Our assessment shall be based on the global indices of regulatory governance in the Petroleum sector.