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