Nigeria's president signs new petroleum law

By Olarewaju Kola

MAIDUGURI, Nigeria (AA) - Nigerian President Muhammadu Buhari signed the Petroleum Industry Bill 2021 into law Monday to provide a legal framework for oil exploration and emerging challenges in the oil and gas sector, said an official.

Buhari’s spokesman Femi Adesina said in a statement that the president signed the bill into law while working from home under five days of quarantine as required by the COVID-19 protocol in the country

The Petroleum Industry Act provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matters, said Adesina.

The national legislature passed the bill into law on July 15 before sending it to the president for his assent as required by the country’s constitution.

Nigeria was the leading oil producer in Africa as of 2020, with production amounting to 86.9 million metric tons or 1.8 million barrels per day, according to the National Bureau of Statistics.

Earnings from oil exports also account for more than half of the country's national income.