The Petroleum Industry Act (PIA) was enacted to transform Nigeria’s oil and gas sector through regulatory certainty, improved governance, enhanced investment, commercialization of NNPC Limited, host community development, and accelerated gas-led industrialization. Its ultimate objective is simple: to convert Nigeria’s petroleum resources into sustainable economic value and national prosperity.
Nearly five years after the PIA and three years into the Tinubu administration, the sector presents a mixed but encouraging picture.
On the positive side, policy reforms have been activated. The removal of fuel subsidies, Executive Orders aimed at improving competitiveness, progress in domestic refining, and efforts to increase crude oil production all demonstrate a commitment to repositioning the industry. Investor confidence appears to be improving, and Nigeria’s energy security outlook is stronger than it was a few years ago.
However, significant challenges remain. Investment levels are still below potential, oil production remains constrained, gas development has yet to achieve transformational impact, and the full commercialization objectives of NNPC Limited are still evolving. Implementation gaps continue to limit the realization of the PIA’s broader aspirations.
From a petroleum economics perspective, the critical issue is not whether reforms have been introduced, but whether they are creating measurable value for Nigerians. The true test of success lies in sustainable investment, increased productivity, improved energy security, greater government revenue, and enhanced national welfare.
Therefore, the PIA era under PBAT is best characterized as a period of transition rather than transformation. Nigeria has moved beyond policy stagnation and laid important foundations for growth, but the journey from “what is” to “what ought to be” remains incomplete.
The task ahead is clear: sustain reforms, strengthen institutions, deepen implementation, and ensure that Nigeria’s vast petroleum resources generate lasting benefits for all citizens.
Wumi Iledare, PhD, FNAEE, Snr FUSAEE
Professor Emeritus of Petroleum Economics, FUPRE Energy Business School and Executive Director, Emmanuel Egbogah Foundation
May 2026
The gas industry today is no longer just about production alone. Understanding contracts, commercial agreements, financing, and the business side of the value chain is becoming increasingly important for professionals across the industry.
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