Nigeria: Update on petroleum industry legislation

The Petroleum Industry Bill, 2021 was signed into law.

The Petroleum Industry Bill, 2021 was signed into law.

The president of Nigeria on 16 August 2021 signed into law the Petroleum Industry Bill, 2021. 

The Petroleum Industry Bill, 2021 revises existing legislative provisions for the petroleum sector. The legislation includes measures to overhaul and transform the Nigerian oil and gas industry—a sector that contributes approximately 90% of foreign exchange earnings and 60% of total income in Nigeria.

For a discussion of the tax measures in the legislation, read TaxNewsFlash


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