Experts to Discuss PIA: Implications for Businesses, Local Communities, and Sustainable Development

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Tuesday, September 07, 2021 / 10:14 AM / By ThistlePraxis Consulting / Header Image Credit:ThistlePraxis Consulting

 

The 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.

 

The key objective of the PIA is to overhaul and transform the Nigerian oil and gas industry through better transparency, fiscal and regulatory efficiencies, and environmental protection.

 

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?

 

The 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 needs.

 

However, what are the implications of the PIA for businesses, local communities, and sustainable development?

 

Therefore, 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 ownership?
  • 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?

 

According to 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.

 

This edition 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




Proshare Nigeria Pvt. Ltd.


 

For further information, please contact: info@thistlepraxisconsulting.com or call 09074615595.

 

Proshare Nigeria Pvt. Ltd.


 

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