A Review of the Key Provision of the Petroleum Industry Bill and the Implications on Deregulation

The entity called Nigeria, has for over 50 years of its existence been a developing country or put another way a third world country. In a bid to break this barrier its laws have to be formulated in way that will post-date growth in the society. The new legislation, the Petroleum Industry Bill (PIB), is currently under legislative consideration and represents the most comprehensive review of the legal framework for the oil and gas sector in Nigeria since the industry began commercial operations in the 1960s. It could signal the dawn of a new era; an era during which restructuring and transformation could address many of the issues that have dominated the oil and gas industry in sub-Saharan Africa’s second-biggest economy. It is of a ruinous effect if this sector is neglected to the hands of human greed and avarice. As a result this bill has constantly met a brick wall at the National Assembly. It then comes to question the reasons for this delay. If the proposed bill will do more harm than good to the country, why then has it been ingloriously delayed? The law is amongst other things for the stability and growth of the society, so no stakeholder, investor or even the government is permitted to hinder the law from performing its functions. This will be tantamount to repugnance to natural justice, equity and good conscience