Energy Practice Team
Introduction
On 16 August 2025, the Petroleum Industry Act, 2021 (“PIA”) turns four, enacted after nearly two decades in development, the PIA marked a pivotal moment in Nigeria’s energy landscape, aiming to overhaul a sector long constrained by outdated legislation, weak regulatory structures, and underwhelming investment. It aimed to drive economic growth, enhance governance, foster competition, and align Nigeria’s petroleum industry with global standards. The PIA promised improved fiscal terms, stronger oversight, and tangible benefits for host communities. With Nigeria securing only 4% of Africa’s $70 billion oil and gas investments between 2015 and 2019[1] despite having one of the continent’s largest reserves and production capacity, the urgency for reform was evident. Yet, its passage coincided with a global shift toward cleaner energy, raising questions about its timeliness and relevance. Four years on, this article evaluates the PIA’s impact and explores its implications for Nigeria’s energy future in a rapidly evolving global market.
