The PIB governance legislation, which has been stalled in successive Assemblies, has reached its farthest stage in 16 years.
The Bill establishes the process for breaking the Nigerian National Petroleum Corporation (NNPC) into two commercial entities which will be limited by shares. The two entities will be known as the National Petroleum Company and the National Assets Management Company.
Once the PIB is passed and signed into law, Nigeria will have the necessary legislative framework that is needed to ensure the creation and sustainability of commercially-oriented and profit-driven entities that makes possible value addition and the internationalization of Nigeria’s petroleum industry.
