Deputy Speaker of Nigeria’s House of Representatives, Hon. Benjamin Okezie Kalu has described the Petroleum Industry Act (PIA) 2021 as a game-changer for the country’s economy even as he emphasized the need for continued legislative attention to address lingering implementation challenges.
Delivering a lecture titled “Legislation as an Enabler of Compliance, Investment, and Sector Growth: The Role of the National Assembly in Strengthening the Post-PIA Petroleum Landscape” at an event jointly organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and General Counsel and Legal Advisers Forum for Midstream and Downstream Petroleum Companies in Nigeria 2025″, Kalu said that the PIA has brought about significant improvements in the petroleum industry, including over $16 billion in investment commitments, 1.69 million barrels per day in oil production, and ₦50.88 trillion in revenue generation.
Represented by the Chairman, House Committee on Petroleum Resources (Downstream), Hon. Ikenga Ugochinyere at the event themed “Advancing a Collaborative Compliance Culture in Nigeria’s Midstream and Downstream Petroleum Sectors”, he said Nigeria emerged as the leading destination for oil and gas investments in Africa in 2024.
“Just two years post-enactment, the impact of the PIA is undeniable. We have witnessed an astonishing $16 billion in investment commitments, a staggering 28,991% increase from our pre-PIA baseline of a mere $0.055 billion in 2020. These are not just numbers; they represent jobs, infrastructure, and a renewed sense of purpose for our nation’s most vital economic engine.
“And critically, our Oil Production in December 2024 reached 1.69 million
barrels per day.
“It is with immense pride that I can state that Nigeria emerged as the leading destination for oil and gas investments in Africa in 2024, accounting for three out of four Final Investment Decisions announced by global oil and gas majors. This is not by chance; it is a direct consequence of the PIA’s meticulously crafted, investor-friendly provisions,” Kalu said.
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