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ABSTRACT
The quest to enact the Petroleum Industry Act (PIA) began in 2008 when the first Executive Bill was presented to the sixth National Assembly by President Umaru Yar’adua. It culminated in the signing of the PIA into law by President Muhammadu Buhari in 2021 making it the primary legislation governing Nigeria's Oil and Gas Sector. This long essay covers three main areas: The governance structure of regulatory agencies and the Nigerian National Petroleum Corporation Limited (NNPCL), fiscal policies, and host community development. The governance structure of regulatory agencies and the NNPC Limited is examined, including the Nigerian Upstream Regulatory Commission (NUPRC) for upstream petroleum operations and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for midstream and downstream operations. Fiscal policies under the PIA introduce substantial changes in fiscal frameworks, encouraging investment while increasing government revenues. The study explores their impact on the industry and the broader economy. Host Community Development, as outlined in Section 234 of the Act, establishes the Host Community Development Trust (HCDT) to promote prosperity, social and economic benefits, peaceful co-existence, and community development from petroleum operations. Implementation and effectiveness of the HCDT are assessed. Despite the groundbreaking reforms of the PIA, issues of enforceability persist due to illicit practices and vested interests. This research combines doctrinal analysis and comparative studies to present practical recommendations for addressing these issues and strengthening the enforceability of the PIA.
