Nicholas Antonas Cowrites Article on Nigerian Petroleum Reform for African Law & Business

October 29, 2014

Reading Time : 1 min

Contact:

Jacinta O'Shea-Ramdeholl

Director of Communications

Sarah Richmond

Senior Communications Manager

African Law & Business has published “Nigeria’s Petroleum Industry Bill,” an article coauthored by Akin Gump cross-border transactions associate Nicholas Antonas regarding the potential implications of reform to Nigeria’s petroleum laws.

In the article, the authors discuss the key features of the Petroleum Industry Bill (PIB), which is under the consideration of the National Assembly, including:

  • repeal of 16 statutes, thereby streamlining Nigeria’s complex petroleum legislation
  • introduction of a new tax and fiscal regime
  • changes made to regulating bodies
  • expansion of Nigeria’s local content requirements.

The authors also note that, although the oil and gas industry has largely responded negatively to PIB, “the importance of this reform agenda cannot be overstated. The oil and gas sector accounts for 70% of Nigeria’s tax revenue; stagnating production levels have a devastating effect on Nigeria’s current accounts that are only amplified by the current low crude oil prices.”

The authors add that, if PIB goes into effect it will provide much-needed reform for the country’s petroleum laws, but “it is imperative that the National Assembly balances a desire for the clarification and harmonisation of existing laws, with the need to address the concerns expressed by industry stakeholders.”

To read the full article, please click here.

Share This Insight

Related Services, Sectors, and Regions

© 2024 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.