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Segment of P.I.B. passes second reading

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Image result for Nigeria's Petroleum Industry Bill 2016The first segment of the reintroduced Petroleum Governance and Industry Bill 2016, has passed second reading in the Senate.

The bill seeks to divide Nigeria’s state oil company, NNPC into two new independent companies that will engender competitiveness.

The National Petroleum Company and the Nigeria Petroleum Assets Management Company are meant to strengthen the regulatory framework and investment opportunities in the country’s petroleum sector.

It is the first out of five bills carved out of the initial PIB that failed to pass third reading during past considerations due to contentious issues.

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