WorldNigerian President promulgates new law to revive oil sector

Nigerian President promulgates new law to revive oil sector

AA / Tunis

Nigerian President Muhammadu Buhari enacted a new oil industry law to attract investors, local and African media reported on Tuesday.

Ten years after being submitted to parliamentarians, the new petroleum law is finally promulgated by the Nigerian president. The latter affixed his signature to the final text supposed to regulate the oil and gas sector, specifies the African Press Agency (APA).

The bill, which took a long time to be adopted, has been the subject of several amendments due to disagreements between the Nigerian government and the companies operating in its territory. Its adoption will make it possible to define a legal and fiscal framework and to ensure a better redistribution of wealth, indicates the same source.

The most populous country in Africa (210 million inhabitants), Nigeria is the continent’s leading producer with 1.9 million barrels per day. Resources from oil and gas represent the bulk of foreign exchange and constitute almost half of the state budget, underlines the APA adding that the Nigerian president is banking on this new law to revive the oil industry in a context rather difficult economic.

Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), is struggling to attract foreign investors to a sector plagued by corruption, dilapidated facilities and insecurity in some provinces of the country, notes the same media.

The new law provides 3% of revenues generated by oil operations to oil-producing communities, while 30% of revenues have been allocated to the development of inland border basins which are located mainly in the north of the country, says the APA.

According to the People’s Democratic Party (opposition), signing the law despite widespread public rejection amounts to “approval of taxation, disrespect for the people and the principles of democracy as a system of government. », Indicates the same source.

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