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REGULATORY

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What PIB means to Nigeria, oil and gas industry

The passage of the Petroleum Industry Bill (PIB), about 14 years after it was first introduced into the National Assembly, is a landmark achievement. Industry stakeholders have argued the PIB when assented to will enhance and attract local and foreign investments. Apart from creating unique governance and regulatory structure for the industry, the PIB, as passed, contains a provision that spells out the mechanism for the development of the host communities.