Tuesday, September 07, 2021 / 10:14
AM / By ThistlePraxis Consulting / Header Image Credit:ThistlePraxis Consulting
President of Nigeria signed into law the Petroleum Industry Act (PIA) on the
16th of August 2021, following several attempts by successive governments at
passing the bill for creating the necessary reforms in the sector.
objective of the PIA is to overhaul and transform the Nigerian oil and gas
industry through better transparency, fiscal and regulatory efficiencies, and
The oil and gas sector accounts for about 10
percent of gross domestic product, and petroleum exports revenue represents
around 86 percent of total exports revenue. and is critical in attaining the
developmental plans of the nation.
Why has it
taken several years to attempt a balance of stakeholders' interests and are
there still existing gaps?
Petroleum Industry Act has achieved some of the following:
- Streamlined multiple
Petroleum Industry bills into one Act
- Better delineated
government regulatory function from its participation in the markets
- Created a governance structure
with clear responsibilities
- Created some incentives
for participation and penalties for non-compliance
- Offered better recognition
to host communities needs
- Emphasized the need for an
environmental management plan and environment degradation repair by operators
- Created streamlined
taxation for upstream, midstream, and downstream participation
- Provided a strong position
for assuring the use of gas for both strategic sectors and other domestic
However, what are the implications of the PIA for
businesses, local communities, and sustainable development?
the webinar will address different aspects as it relates to the theme:
- Are the Host Community
Development Trust and Fund enough to address accountability by Oil and Gas
Operators? Is the proposed 'fund penalty' to be borne by host communities for
non-force majeure disruption of production adequate to stimulate engagement and
- What is the role of
Technology in the implementation of the PIA?
- What new opportunities exist
for MSMEs along the Value Chains?
- What are the related
financing implications and opportunities for SMEs?
- What Opportunities does
the Petroleum Industry Act- PIA offer Nigerian Youths?
- How does the PIA change
things for the citizens?
- A call to action - how do
the citizens ensure an implementation which enables shared prosperity?
the organisers, ThistlePraxis Consulting, the webinar is crucial because it
will bring together business leaders, regulators, investors, government
officials, experts, and practitioners in the sectors of the economy critical to
sustainable development. Also, it will help highlight imperatives for positive
and sustainable impacts of the Petroleum Industry Act and the involvement of
the citizens, businesses, and local communities.
of Sustainable Conversation will take place on the 7th of October 2021, 11 am - 1 pm, via the Zoom video conferencing app.
Click Here to Register
For further information,
please contact: firstname.lastname@example.org or call 09074615595.
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