Nigeria’s Buhari Sends Long-Awaited Oil Reform Bill to Lawmakers

Nigerian President Muhammadu Buhari submitted a bill to reform the nation’s oil industry to lawmakers.

A proposed overhaul of the laws governing the oil and gas industry in Africa’s biggest crude producer has been stuck in parliament for more than a decade. The ministry of petroleum resources estimates the delay has cost Africa’s top oil producer an estimated $15 billion a year in lost investments.

The petroleum industry bill was sent to parliament two weeks ago, but wasn’t considered because lawmakers have been on recess, according to a statement emailed by the office of Senate President Ahmed Lawan. Members will resume sitting on Tuesday and immediately start scrutinizing it, he said.

“We want to see an oil industry in Nigeria that is properly regulated, an oil industry that not only sustains the investment that we have but attracts even more investment, an oil industry that is very competitive,” Lawan said.

Source: Bloomberg

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