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Nigeria Must Fully Implement the Petroleum Industry Act (By NJ Ayuk)

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3 years ago

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Petroleum Industry

The signing of the PIA represented the culmination of more than 20 years of efforts to reform an oil and gas sector plagued by long-standing problems on multiple fronts

JOHANNESBURG, South Africa, July 26, 2023/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (www.EnergyChamber.org).

For years, on behalf of the African Energy Chamber (AEC), I publicly encouraged Nigeria’s leadership to sign the Petroleum Industry Bill (PIB) into law.

Across its five chapters and 300 sections, the PIB promised to repeal all regulations pertaining to Nigeria’s oil and gas industry, effectively resetting decades of policy gridlock regarding fiscal imbalances and the detrimental effects of crime and corruption. In place of these regulations, the PIA offered a new framework for the industry to abide by, one that would place Nigeria back on track toward progress and prosperity.

On August 16, 2021, we were thrilled to see former President Muhammadu Buhari enact the law — now known as the Petroleum Industry Act (PIA) — making all its promising provisions official at long last.

Nearly two years from its passage into law, implementation of the PIA and its initiatives has been slow for numerous reasons, but not without progress, and signals from Nigeria’s new administration indicate that these conditions will not remain the status quo.

After ascending to office in May, Nigeria’s newly elected president, Bola Ahmed Tinubu, hit the ground running in terms of reshaping his country’s approach to petroleum industry relations and preparing to execute the mandates of the PIA.

In July of this year, President Tinubu received the Shell Petroleum Development Company (SPDC) at the State House in Abuja, assuring its delegates that Nigeria welcomes their business and that his administration is working to remove any policy or procedural bottlenecks detracting from the investment appeal of Nigeria’s gas and deep-water assets.

Considering these recent statements from President Tinubu and a recently released report from his administration’s Policy Advisory Council entitled Enabling Growth in Nigeria’s Energy & Natural Resources Sectors: Sector Challenges and Proposed Interventions, Nigeria’s leadership seems intent on revitalizing the entire energy landscape across the country.

A Need for Intervention

The signing of the PIA represented the culmination of more than 20 years of efforts to reform an oil and gas sector plagued by long-standing problems on multiple fronts.

Despite its long-held status as Africa’s largest oil producer, and sixth largest in the entire world at times, 2022 saw Nigeria drop to fourth place in the African rankings behind Angola, Algeria, and Libya. With its 37.1 billion barrels of proven crude oil reserves and 206.5 trillion cubic feet of natural gas, traditionally, petroleum products comprise nearly 6% of Nigeria’s gross domestic product, 95% of earnings from foreign trade, and 80% of government revenues.

In defiance of these significant averages, Nigeria’s oil production rate has declined in recent years, down to an average of 1 million barrels per day (mmbpd), nearly halving its OPEC quota of 1.8 mmbpd. Large-scale theft, sabotage, and pipeline vandalism account for much of this drop.

While the combined security efforts of Nigerian military forces and other government agencies under the previous administration did lead to the recovery of millions of liters of petroleum products in their various forms, they did not have a meaningful effect on the downward trend in production. Nigeria’s failure to adequately secure its infrastructure and rein in these production losses has also led international oil companies toward divestment from the region. Nigerian oil and gas sector will be one of the main attractions of the Africa Energy Week (AEW) 2023, which will be held in Cape Town from October 16th to 20th.

With President Tinubu’s endorsement and proactive stance on its directives, we hope to see the PIA’s terms fulfilled and Nigeria finally reoriented toward a more prosperous era

Hope on the Horizon

The PIA aims to reverse Nigeria’s course regarding its energy future. With President Tinubu’s endorsement and proactive stance on its directives, we hope to see the PIA’s terms fulfilled and Nigeria finally reoriented toward a more prosperous era.

Efforts to overhaul the Nigerian oil and gas industry date at least as far back as the year 2000 when the Obasanjo administration inaugurated the Oil and Gas Reform Implementation Committee, whose investigations into the Nigerian energy sector eventually led to the PIA’s initial drafts.

First introduced in 2008, the PIB was subject to years of setbacks as legislators debated its content and submitted revisions. The version finally signed into law in 2021 addresses four main areas of concern for Nigeria’s petroleum industry: governance and institutions, administration, host community development, and the fiscal framework. In short, the PIA seeks to convert the governance of Nigeria’s petroleum sector into a more commercial model.

Last summer, the AEC celebrated when the Nigerian National Petroleum Company (NNPC) transitioned to NNPC Limited, a move denoting initial progress toward implementing the provisions outlined in the PIA. This transition represented a shift in how the NNPC would conduct business going forward. Free from Federal Executive Council oversight, the NNPC Limited could now pursue new ventures, become more public-facing with a stock market listing, and compete with other state-owned petroleum companies. As NNPC Limited, the company has already engaged in re-negotiations of the production-sharing contracts tied to five deepwater blocks, successfully untangling them from decades of disputes.

The transition hasn’t been as smooth for other Nigerian entities affected by the new standards put forth by the PIA. Delays in collaboration between groups like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), attributed to incomplete agenda items like the Environmental Management Plan (EMP) and the Upstream Environmental Management Regulation (UEMR), have stalled the PIA’s full implementation. However, leaders at these authorities have affirmed their commitment to the change and have encouraged all stakeholders to expedite the process.

As detailed in the Policy Advisory Council’s report, President Tinubu and his administration are well aware of Nigeria’s low ratio of revenue to GDP, low investor confidence, and monetary losses in the petroleum sector. However, the report also outlines a path toward a full reversal of these circumstances.

On a timetable covering the first 100 days and stretching outward to 2030, the Policy Advisory Council’s report explains how Nigeria’s petroleum industry can eventually achieve sustainable production rates of 4 mmbpd for oil and 12 billion cubic feet per day (bcf/d) for natural gas.

The Tinubu administration’s short-term goals include recruiting and placing competent leaders in the various ministries, departments, and agencies accountable to the PIA, reforming military task force operations for security, and defining fiscal policies. Moving into 2024—in addition to other security, finance, and regulatory measures—the report calls for promoting a diversified oil and gas industry and developing a gas export strategy.

Attaining Nigeria’s Ideal Future

The Policy Advisory Council’s structured and detailed report sets key performance indicators and milestones for Nigeria in the years ahead, plotting a course to a stabilized and flourishing future for the national economy and its population. The report also serves as a testament to the current administration’s intent to make this future a reality.

As one of the PIB’s most vocal supporters — having recognized its potential as a mechanism for correcting worsening conditions in Nigeria’s energy sector and reinvigorating foreign investment — I urged the previous administration to pass the bill. Considering its slow start despite having been passed into law, these recent and positive developments have given me more confidence that we will see the law fully implemented.

Nigeria still sits atop a wealth of fossil resources that offers up an end to energy poverty and financial instability as long as they are extracted and monetized responsibly and in a manner that benefits all stakeholders. The steps laid out in the Policy Advisory Council’s report lead to this exact outcome, but getting there depends entirely on the full implementation of the PIA.

I implore all of Nigeria’s leaders to continue working with one another to achieve this most critical goal.

Distributed by APO Group on behalf of African Energy Chamber

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Congo Is Turning Reserves into Bankable Projects – and the Investment Window Is Opening

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22 hours ago

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June 24, 2026

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Eni-led LNG expansion and ongoing deepwater investment are pushing the Republic of Congo’s energy sector toward more bankable projects ahead of the Congo Energy & Investment Forum 2027

BRAZZAVILLE, Congo (Republic of the), June 23, 2026/APO Group/ –With LNG exports set to triple to 3 mtpa, upstream oil production targeting 500,000 bpd and a renewed push on local content, the Republic of Congo is positioning itself as one of Central Africa’s most investable hydrocarbon markets. Under the leadership of the newly-appointed Minister of Hydrocarbons, Stev Simplice Onanga, the country is prioritizing industry growth by balancing local content with reserve replacement and project advancement.

 

What sets Congo apart is not the scale of its reserves, but the pace at which those reserves are being turned into commercially viable projects. From Eni’s LNG expansion and TotalEnergies’ deepwater developments to brownfield optimization by Trident Energy and output growth at Ammat Global Resources, capital is flowing into projects with clearer monetization pathways and nearer-term returns.

Ahead of the Congo Energy & Investment Forum (CEIF) 2027 – the country’s leading platform for energy investment and partnerships – the story is shifting away from frontier potential toward bankable projects already under development.

Policy Reform Is De-Risking Investment

Congo’s investment case is being reshaped by the alignment of resource base, regulatory reform and project delivery. Established oil production, expanding LNG capacity and fiscal adjustments are gradually reducing above-ground risk.

Recent reforms led by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo have added structure to the sector. The Gas Code, introduced in October 2025, formalizes fiscal terms for gas commercialization, while the Gas Master Plan prioritizes flaring reduction and gas-to-power deployment, targeting 1,500 MW by 2030.

A new upstream licensing round is also under consideration, aimed at attracting fresh capital into both mature and frontier acreage. Together, these measures are improving visibility across upstream, midstream and downstream segments, with recent project activity reinforcing the shift.

The Projects Driving the Next Cycle

Deepwater oil remains central to Congo’s production outlook, with operators progressing both new developments and brownfield optimization. TotalEnergies is advancing work at the Moho licence following the April 2026 Moho G discovery, backed by a $500–$600 million infill drilling program targeting about 40,000 bpd in incremental output.

Local independent Ammat Global Resources is targeting 70% production growth from its Loango and Zatchi fields, where reactivated wells and upgraded platforms have already lifted output by 75%. Perenco continues steady gains, adding roughly 6,000 bpd through its 2025–2026 drilling program.

Trident Energy, after acquiring an 85% working interest in the Nkossa and Nsoko II assets in 2025, is focused on extending field life through subsea optimization and redevelopment work.

While oil continues to anchor revenues, gas is rapidly emerging as Congo’s fastest-growing segment. Eni’s Congo LNG project delivered its first cargo from Phase 2 in February 2026, following the startup of the Nguya FLNG unit in December 2025. Together with Tango FLNG, capacity has risen from 0.6 mtpa to 3 mtpa. Trident Energy has also proposed an FLNG project aimed at adding further capacity across the country’s gas market. The project is expected to operate as shared infrastructure, allowing multiple operators to process gas from their respective fields. This creates an outlet for associated gas that might otherwise be stranded, supporting the country’s broader diversification goals.

Local Content Is Reshaping Investment Terms

Beyond upstream policy, Minister Onanga has positioned local content as a central pillar of Congo’s investment framework, and a key determinant of how capital is structured and deployed.

Decrees 2019-342, 343, 344 and 345 set requirements around subcontracting, workforce localization and training commitments, with the effect being a gradual shift in how projects are structured and how partnerships are formed. Operators are increasingly assessed not only on technical delivery but on in-country value creation, including partnerships with local firms and skills development. Logistics, maintenance and other service areas are increasingly channeled through domestic providers.

At CEIF 2027 – taking place June 1–3 in Brazzaville – attention will shift to what is moving forward and to the investors positioned to take part in that pipeline. Congo’s energy sector is no longer defined by potential alone: projects are moving, capital is being committed and policy is starting to catch up with activity on the ground.

As the Republic of Congo moves from reserves to revenue, the signal to investors is clear: this is already unfolding, not a future opportunity.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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Afreximbank secures double honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards for excellence in strategic communications

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22 hours ago

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June 24, 2026

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The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event

CAIRO, Egypt, June 23, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has been recognised with two prestigious honours at the 2026 International Association of Business Communicators (IABC) Gold Quill Awards, one of the world’s most prestigious awards programmes for strategic communications.

 

The Bank received an Award of Excellence in Special and Experiential Events category for the Intra-African Trade Fair 2025 (IATF2025) held in Algiers, Algeria and an Award of Merit in the Social Media category for its Afreximbank Social Media Campaigns, reaffirming Afreximbank’s commitment to delivering impactful communications that advance its mandate of promoting trade, investment and industrialisation across Africa and the Caribbean.

We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communication

The Award of Excellence for IATF2025 recognises the successful communications and stakeholder engagement programme delivered around the fourth edition of the Intra-African Trade Fair, Africa’s premier trade and investment event. IATF2025 brought together governments, businesses, investors, buyers, sellers and entrepreneurs from across Africa and beyond, creating a platform for trade and investment opportunities while advancing the objectives of the African Continental Free Trade Area (AfCFTA). The communications campaign played a pivotal role in driving global awareness, stakeholder participation, media visibility and engagement before, during and after the event, while showcasing the scale, ambition and dynamism of African enterprise and reinforcing a positive narrative about Africa’s capacity to trade, industrialise and compete on the global stage. Over 120,000 delegates attended IATF2025 in person and virtually, with deals worth over US$50 billion recorded.

The Award of Merit for Afreximbank Social Media Campaigns recognises the Bank’s strategic use of digital platforms to engage stakeholders, amplify its developmental impact and elevate conversations around trade, industrialisation, economic integration and investment opportunities across Africa and the Caribbean. Through a combination of compelling storytelling, thought leadership content, executive advocacy, multimedia production and real-time event coverage, Afreximbank’s social media platforms have continued to expand their reach and influence among policymakers, businesses, investors, development partners and the wider public. Among these platforms is the Afreximbank TV, a digital TV channel that is wholly owned and managed by Afreximbank, whose fifth edition was celebrated with dedicated coverage of IATF2025, providing live coverage of the activities to both pan African and global audiences.

Anne Ezeh, Director & Global Head, Communications and Events at Afreximbank commented: “We are delighted to receive these two awards, which attest to the expertise, creativity and efficiency of Afreximbank’s communications. As a pan African multilateral financial institution, we see storytelling as a powerful tool for advancing our mission — ensuring our initiatives, events, programmes and key announcements not only inform, but also inspire confidence, deepen engagement and amplify Africa’s transformation. These awards reinforce our resolve to continue delivering world-class communications that elevate African voices and projects a bold and authoritative narrative of the continent.”

Ms. Ezeh added that through innovative storytelling, digital engagement and integrated campaigns, the Bank will continue to amplify the impact of its programmes and partnerships  to project a more authentic narrative of Africa, one defined by opportunity, innovation, resilience and growing influence in the global economy.

For more than five decades, the IABC Gold Quill Awards have recognised excellence in strategic communications globally, celebrating programmes and campaigns that demonstrate measurable impact, innovation, creativity and outstanding execution. Widely regarded as the pinnacle of achievement in the communications profession, the awards are judged through a rigorous and independent evaluation process conducted by experienced communication leaders from around the world.

Distributed by APO Group on behalf of Afreximbank.

 

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Islamic Development Bank (IsDB) Institute Unveils 2025 Annual Report During Group Annual Meetings in Baku

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22 hours ago

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June 24, 2026

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In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million

BAKU, Azerbaijan, June 23, 2026/APO Group/ —

The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) has released its 2025 Annual Report during the 2026 IsDB Group Annual Meetings held in Baku, Azerbaijan, showcasing a year of expanded impact in Islamic finance transformation, innovative solutions, and capacity development.

 

The report highlights how IsDBI strengthened its role as a global knowledge leader by advancing innovative solutions and scaling support to Member Countries through knowledge-based interventions, Islamic finance grants, and strategic partnerships.

In 2025, IsDBI significantly expanded its footprint in Islamic finance transformation, approving 25 new technical assistance projects valued at US$4.14 million and completing 19 projects worth US$3 million, supporting countries in strengthening regulatory frameworks and promoting inclusive financial systems.

Since 2013, the Institute’s interventions in this regard have reached over US$27.57 million across 181 projects benefiting more than 34 countries, underlining its sustained contribution to development outcomes across the Islamic world.

I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem

The Annual Report highlights major progress in IsDBI’s three flagship transformative projects, namely Awqāf Free Zones, Digital Postal Islamic Financial Services, and Smart Countertrade System, which have all advanced to pilot-ready stages. These initiatives aim to address global challenges such as financial inclusion, food and energy security, and trade resilience.

Furthermore, the Institute accelerated its focus on digital innovation in Islamic finance, enhancing its Islamic Finance Artificial Intelligence Assistant (IFAA) and hosting its first AI Hackathon on Islamic Finance, engaging more than 40 teams in developing cutting-edge solutions aligned with industry standards.

Human capital development in Islamic finance also remained a cornerstone of IsDBI’s work in 2025, with the delivery of over 20 training programs reaching around 500 professionals across Member Countries. A key achievement in this area was the Entrepreneurial Mindset Development Program, a flagship initiative equipping emerging leaders from 20 countries with innovation-driven and values-based entrepreneurship skills. The program was designed and implemented in collaboration with Prince Mohammed Bin Salman College of Business and Entrepreneurship, Saudi Arabia.

The Institute also strengthened its thought leadership through flagship publications, global partnerships, and digital engagement, reinforcing its position as a leading voice in Islamic economics and finance.

Commenting on the issuance of the Annual Report, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “I am pleased to note that the Institute has continued to strengthen its unique role in the global development ecosystem by bridging knowledge creation, building human capital, and designing innovative solutions to address economic challenges.”

The 2025 Annual Report is accessible on IsDBI website here (https://isdbinstitute.org/product/isdbi-annual-report-2025/).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

 

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