Nigeria’s oil sector reform bill has finally been passed by parliament as expected since 2008. This is a “historic moment” for Africa’s top oil producer which has seen this natural resource exploited by foreign companies without any benefit to the local communities or maximizing its own revenues.
Parliament voted to approve the long-delayed oil and gas law that aims to attract new foreign investment in the OPEC country’s petroleum industry.
According to the spokesman for the senate president, Ola Awoniyi, it was both the senate and house of representatives who passed the Petroleum Industry Bill.