Benue State University, Makurdi

An Analysis of the Petroleum Industry Act 2021 as a Panacea to Achieving the Economic Objectives in Chapter Two of Nigeria’s Constitution

Onuh, Paul Igoche*

Abstract

The Petroleum Industry Bill Act 2021 made far reaching changes to the legal and institutional framework regulating the petroleum sector in Nigeria. The Act incorporated into one statute several legislations making it easier to appreciate the legal regime for regulating the petroleum sector and reducing conflict between Government bodies working in the sector. This paper uses the doctrinal research method to discuss using existing literature the possibility of the changes in the PIA to help Nigeria achieve its economic objectives contained in Chapter two of the constitution. The paper finds that because Government failed severally in business such that it decided to privatise its businesses, it is doubtful if the new Government wholly owned NNPC limited will fare better. Thus the Petroleum Industry Act may not have the desired impact on the economy of Nigeria as to go a long way in achieving Nigeria’s economic objectives.

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