Abstract
The importance of oil and gas to the growth of the Nigeria’s economy cannot be over emphasised. This article appraises the key provisions of the Petroleum Industry Governance Bill (PIGB) and its potential contribution to the Nigerian petroleum industry. The Nigerian government has embarked on policy reforms, which have led to a compilation of the document referred to as Petroleum Industry Bill (PIB). This was presented to the National Assembly in 2012. The PIB was divided into logical smaller pieces amongst which are the Petroleum Industry Governance Bill (hereinafter “the Bill”). The Bill is expected to unbundle the Nigerian National Petroleum Corporation (NNPC) into various independent institutions like the Federal Ministry of Petroleum Incorporated, the Nigerian Petroleum Regulatory Commission (NPRC), Nigerian Petroleum Assets Management Company and National Petroleum Company (NPC). This is to ensure transparency in the administration of petroleum resources. The Bill has been observed to be fraught with some challenges, as the minister still possesses substantial powers. The minister possesses pre‐emptive power over all petroleum and related products. He or she may increase the fine imposed by the Bill through regulation. The Bill dispossesses Ministry of Environment of power over environmental affairs which is its area of expertise and gave it to the NPRC. These and other challenges are investigated in this article. The researcher employs qualitative research methods and as well conducted few interviews. The main purpose of the qualitative review was to investigate the prospects and challenges of PIGB a segment of the PIB in Nigeria. The personal interviews were conducted face to face. Purposive sampling technique was used in identifying the interviewees because these are the stakeholders in matters of exploration and exploitation of oil and gas in Nigeria.