Many countries in Africa are trying to optimize the performance of their economy. For its part, Nigeria earlier this month put forward a new bill to reform the oil and gas industry, essential to its economy.
After a decade, on July 2, a bill to reform the oil and gas industry in Nigeria was successfully passed. This reform has the main objective of better protecting the interests of the country and local communities.
Nigeria is currently the leading oil producer in Africa; However, it is a sector that needed improvements, both due to the wear of the clothing and the legal framework. That is why this bill has been proposed and approved, to change the way of executing and financing projects related to the largest oil producer.
Much of the Nigerian economy depends on oil revenues, so the main objective is to protect the interests of the country and local communities, fueling foreign investment and thus lessen government control over the NNPC (Nigerian National Petroleum Corporation). .
This project will be a great advance, which will have a great impact on society. The intention is to promote the exploitation of oil and gas throughout the country, which also leads to changing the terms of royalty payments by oil companies.
Although it is true that there are still loose ends, it is not only about retaining what is already written in the bill but also about ensuring its execution, so the intention of the country is to carry it out as soon as possible.