What you need to know about Nigeria’s Petroleum Industry Bill.
Crude oil dominates Nigeria’s economy, accounting for around 90% of export earnings. #NigeriaNeedsPIB
The country has the largest oil and gas reserves in sub-Saharan Africa with an estimated 37bn barrels of oil and 188 trillion cubic feet of gas. #NigeriaNeedsPIB
Yet for decades, the virtually ungovernable industry has been plagued by poor leadership, eye-watering corruption and environmental degradation. #NigeriaNeedsPIB
Value has leached away through opaque licensing deals, unaccountable middlemen, a lack of refining capacity and graft in the government and state-owned Nigerian National Petroleum Corporation (NNPC). #NigeriaNeedsPIB
Sabotage and pipeline theft in the oil-rich Niger Delta have ensured that the taxpayer loses out on billions of dollars in annual revenues. #NigeriaNeedsPIB