Oil and gas boost for Nigeria as laws overhauled

The Nigerian parliament has approved a long-awaited bill seeking to overhaul the country’s oil and gas industry. 

Nigeria's economy relies heavily on revenue from fossil fuels and the ambitious law is expected to dramatically change Nigeria’s oil sector, by boosting foreign investment and revenue as well as loosening government control of the state oil company. 

It’s also expected to change the terms of royalty payments by multi-national oil companies and boost oil and gas exploration across the country. 

According to the Reuters news agency, the share of generated wealth allocated to oil-producing communities is set to double.

The controversial bill took more than a decade in parliament before today’s passage. But its final approval will be a remarkable success for President Muhammadu Buhari’s government which reintroduced the bill last year.

This article originally appeared on BBC News

Photo: Getty Images