Senate President Godswill Akpabio has declared open a five-year review of Nigeria’s Petroleum Industry Act (PIA), urging stakeholders to demonstrate measurable results from the landmark legislation.
Akpabio made the call on October 21, 2026, during a stakeholders’ engagement programme at the Transcorp Hilton in Abuja. The meeting assessed the Act’s implementation, its impact on the petroleum industry and measures needed to improve its performance.
The PIA, enacted in 2021, introduced major reforms to petroleum governance, regulation, commercial operations and host-community development.
Speaking at the event, Akpabio said the success of the legislation must be judged by its practical outcomes rather than the promises made during its passage.
“We have enacted the law. We have established the institutions. We have declared the promise of reform. Now we must deliver the results,” he said.
Akpabio Identifies Key Areas for Assessment
The Senate President identified regulatory efficiency, investor confidence, petroleum production, energy infrastructure and the commercial performance of the Nigerian National Petroleum Company Limited (NNPC Limited) as key areas requiring assessment.
He also stressed the need to determine whether the Act’s fiscal framework attracts investment and whether regulatory institutions operate efficiently and transparently.
According to Akpabio, the review should identify implementation gaps, consolidate achievements and recommend practical solutions. He warned that cooperation among industry stakeholders must not become an excuse for avoiding accountability.
He further identified crude oil theft, investment uncertainty and avoidable regulatory delays as challenges that could undermine the country’s petroleum revenue and economic development.
Host Communities Must Benefit From Reforms
Akpabio said the impact of the PIA must extend beyond government revenue and corporate performance to the communities hosting petroleum operations.
He noted that host communities should experience tangible benefits, including functional development trusts, improved infrastructure, environmental responsibility and sustainable livelihoods.
The Senate President maintained that the legislation’s success should be reflected in better living conditions for people whose lands and waters support petroleum production.
He therefore urged stakeholders to develop evidence-based recommendations, assign clear responsibilities to relevant institutions and establish realistic implementation timelines.
National Assembly Pledges Continued Oversight
Akpabio reaffirmed the National Assembly’s commitment to monitoring the implementation of the Act, stressing that legislative responsibility continues after a bill receives presidential assent.
He said some challenges may require legislative intervention, while others could be addressed through improved regulation, administrative efficiency and stronger coordination among industry institutions.
The Senate President also linked effective implementation of the PIA to Nigeria’s wider economic reform efforts under President Bola Tinubu.
He called for a petroleum industry that attracts responsible investment, maintains predictable regulation and protects national interests.
The stakeholders’ engagement was convened with the involvement of NNPC Limited, Neo Mundo Limited and other industry participants. Akpabio expressed hope that the discussions would produce practical recommendations to guide future implementation and oversight.
