Experts have raised serious concerns over the implementation of the Petroleum Industry Act (PIA), 2021, calling on the federal government to conduct a comprehensive review to address persistent transparency issues in Nigeria’s oil sector.
This follows a call by the International Monetary Fund (IMF) for deeper reforms to improve transparency. The Country Representative of the Extractive Industries Transparency Initiative (EITI), Dr. Michael Uzoigwe, emphasized in an interview with Vanguard that nearly four years after the PIA’s passage, Nigeria has yet to meet its transparency obligations, particularly in the area of contract openness.
“It is not too early to review the PIA’s implementation,” Uzoigwe stated. “Despite the law’s provisions, especially in Section 83, contract transparency has not been properly executed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”
He noted that while the National Petroleum Company Limited (NNPCL) has been incorporated under the PIA, questions remain about its transparency and operational practices. “NNPC is the elephant in the room,” he said, citing its dual role in the past as operator, regulator, and enforcer in the sector.
Civil society organisation Spaces for Change also criticized the PIA’s implementation. Its Executive Director, Victoria Ibezim-Ohaeri, noted that reform demands go beyond IMF recommendations and reflect long-standing advocacy from stakeholders.
“Transparency in the oil sector has always been critical, even before the PIA was passed,” she said, stressing that current efforts have yet to meet expectations.
The experts urged both NEITI and relevant agencies to step up their oversight and ensure the PIA delivers on its core promise of transparency and accountability in the oil and gas industry.
