PIA at 5: Nigeria’s oil reform faces fresh
investment, production test By Victor Ahiuma-Young Five years after the enactment of the Petroleum Industry Act (PIA), stakeholders in Nigeria’s oil and gas industry have called on the Federal Government to close outstanding implementation gaps, warning that unfinished reforms and regulatory uncertainty could undermine investment, production growth and the country’s energy security.
Speaking on the theme, “The PIA: Assessing Implementation, Industry Impact, Investment Response and the Road Ahead for Nigeria’s Oil and Gas Sector,” oil and gas expert, Solomon Orieji, said one of the Act’s major achievements was its intervention at a critical period when uncertainty surrounding some of Nigeria’s major deepwater assets threatened future investment.
The concerns were raised at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit in Abuja, where industry experts reviewed the impact of the PIA since its enactment in 2021 and examined what must be done to translate the reform into increased investment, higher production and stronger domestic energy security.
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