Lagos — The Petroleum Industry Bill (PIB) is a proposed legislation currently before the National Assembly through which the Federal Government is seeking to set out a new legal, regulatory and fiscal framework for the organization and operation of the entire oil and gas industry in Nigeria. However, there is agreement among actors in the nation's oil and gas sector that the delay in its passage is no longer healthy for the tottering economy of Nigeria
The long delay in the passage of the bill is said to have caused Nigeria a whopping $100 billion worth of oil and gas investment within five years.
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